Lubbock, Texas-based City Bank has filed a civil lawsuit against its bond holder, BancInsure Inc. of Oklahoma for breach of contract to recover monies lost from the embezzlement of $787,378.08 by one of its former employees. According to reports, Mary Francis Dunn pleaded guilty last month to charges she embezzled the funds over a period of about 7 years, first while she was with PlainsCapital for five years and then transferring the losses to City Bank in a line of credit, where she continued the embezzle for another two years. Dunn faces up to 30 years in prison for her guilty plea to the charge of Misapplication of Bank Funds By a Bank Employee. Dunn was originally indicted last November.
Read the story here and here.
Update (5/21/11): Dunn, 66, was sentenced to 51 months in prison and ordered to pay more than in $800,000 restitution.
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