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Former Iowa bank president pleads guilty to embezzling over $600K

gavel-justiceDAVENPORT, IOWA – The former president of an Iowa bank has pleaded guilty in an embezzlement scheme.

On May 9, 2016, Russell Edwin Wagler, 52, of Wayland, Iowa, waived his right to be indicted by the federal grand jury and entered pleas of guilty to an Information charging him with one count of misapplication and embezzlement of bank funds by a bank officer in violation of 18 U.S.C. § 656 (Count 1) and one count of obstruction of a bank examination in violation of 18 U.S.C. § 1517 (Count 2). The proceeding was held before United States Magistrate Judge Stephen B. Jackson, Jr.. The criminal case is assigned to United States District Court Judge Stephanie M. Rose. Sentencing is scheduled for September 19, 2016.

According to documents filed in United States District Court, from approximately December 2002 and until March 2013, Wagler originated numerous straw loans involving existing customers at the bank and took the proceeds of those loans. As a result, Wagler misapplied bank funds and the bank suffered losses of approximately $425,977.00. In addition, from approximately January 2008 and until October 2013, Wagler unlawfully obtained multiple unauthorized bonuses and unauthorized increased salaries. As a result of these unauthorized disbursements received by Wagler, the bank suffered losses of $200,964.00 bringing the total bank loss to $626,941.00 as related to Wagler’s activities.

The case was investigated by the Office of Inspector General for the Federal Deposit Insurance Corporation and the Federal Bureau of Investigation.

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