NorthIowaToday.com

Founded in 2010

News & Entertainment for Mason City, Clear Lake & the Entire North Iowa Region

Former Clarksville bank official to serve 10 years for embezzlement

Trish Mehaffey, CR Gazette –

A former bank official who stole nearly $6 million from Iowa State Bank in Clarksville over 19 years was sentenced Wednesday in U.S. District Court to more than 10 years in prison.

George Todd Powers, 48, of Clarksville, pleaded guilty Nov. 4, 2011, to one count of embezzlement from a bank and one count of aggravated identity theft.

According to a plea agreement, Powers admitted that between 1991 and September 2010 he embezzled money from the bank, where he served as the cashier and a member of its board of directors. As the cashier, Powers’ duties included the daily management of the bank’s cash, maintenance and reconcilement of the general ledger, and he also served as the point of contact during bank examinations and audits.

As part of the offense, Powers opened several accounts for the purpose of receiving embezzled funds, according to the plea. In order to conceal his crime, Powers opened one account under a fictitious name and another account using the stolen identity of another. Powers also altered bank records and fabricated bank documents in an effort to hide his embezzlement.

Powers stole at least $5,986,781, according to court documents. He spent some of the stolen money on significant improvements to his house, a recreational vehicle, and a $67,000 Cadillac Escalade. As part of the plea, Powers agreed to forfeit the house, the recreational vehicle, and the proceeds from the sale of the Cadillac.

Powers also was ordered to pay $5,986,781 in restitution to the bank and its fraud insurer. He must also serve a 5-year term of supervised release after his prison time.

0 0 votes
Article Rating
Subscribe
Notify of
guest

4 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments

Even more news:

Need help with your website?
Call your local professional,
Breakthrough Web Design:
515-897-1144
or go to
BreakthroughWebDesign.com

Copyright 2022 – Internet Marketing Pros. of Iowa, Inc.
4
0
Would love your thoughts, please comment.x
()
x