Hawaiian Banker Pleads Guilty To Embezzling $2.6 Million

Lani-Ann M. Miho, 52, of Hilo, Hawaii, pleaded guilty to charges she embezzled more than $2.68 million from First Hawaiian Bank, where she had been employed as a longtime manager.  According to prosecutors, over a period of more than 10 years, from July 2000 to September 2010, Miho siphoned funds from the bank by creating at least 56 phony client accounts, withdrawing funds and using proceeds from recently opened accounts to pay balances due on earlier accounts.  Miho then used her position to keep track of the accounts and pay them before they became delinquent, ultimately converting the funds to her own benefit.  A total of $2,683,494.13 was reportedly embezzled by Miho.  She has reportedly repaid $2 million of the funds she embezzled.  Miho had been an employee of the bank for 29 years.  Her attorney claimed that Miho was "diagnosed with a psychological disorder which played a prominent role in this problem."

Read the story here, here and here.

Read the DOJ announcement here.

Note: this is the second major embezzlement of 2012.