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Former Clarksville bank official to serve 10 years for embezzlement

This news story was published on March 9, 2012.
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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.

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4 Responses to Former Clarksville bank official to serve 10 years for embezzlement

  1. Dan Rish Reply Report comment

    August 22, 2013 at 4:58 am

    Well, thank GOD he wasn’t caught with an illegal drug or he would have got serious time! Let that be a lesson.

  2. Anonymous Reply Report comment

    August 21, 2013 at 11:01 pm

    Oh, btw he had a serious gambling addiction…and no he didn’t use the money for casinos…

  3. TheRealFred Reply Report comment

    March 9, 2012 at 5:47 pm

    Hmmmm……6 million then a 10 year vacation at a minimum security prison? I might sign up for that. Of course, I would set a little aside for when i get out.
    As to where the rest went? Straight to the casino would by my guess.

  4. 4ever49 Reply Report comment

    March 9, 2012 at 8:58 am

    One has to ask, where is the rest of it??