Former Oklahoma Bank Exec Pleads Guilty To Embezzling More Than $3 Million

Janice Mora Adams, 54, of Tulsa, Oklahoma, pleaded guilty to charges she embezzled more than $3 million from People's Bank where she had been employed as senior vice president for private banking and internal control officer.  According to authorities, Adams created fraudulent loans and kept the proceeds for her own benefit over a period of nearly 6 years, from May 2004 until February 2010.  During that period, Adams reportedly misappropriated about $3.1 million from the bank.  Adams has agreed to a restitution judgment of $2.7 million and must pay about $860,000 in back taxes on the ill-gotten gains.  According to media reports, the scheme was uncovered in March 2010 and charged in December 2011.

Read the story here and here.

Update (8/1/12): Adams, now 55, has been sentenced to 45 months in prison and ordered to pay more than $3 million in restitution to the bank’s insurer as well as $859,474 to the Internal Revenue Service for tax years 2005 through 2009.  She was also ordered to pay a criminal money judgment of more than $2.6 million.