Falmouth bank ex-president gets 6½ years for embezzlement
December 13, 2011
Total Loss:
$2.5 Million
A former Falmouth bank president who admitted to embezzling more than $2.2 million was sentenced Monday to 61/2 years in federal prison.
Donna Wood, 51, of Falmouth transferred money from accounts belonging to United Kentucky Bank in Falmouth into the accounts of her husband and two sons between March 2003 and Jan. 26.
In the process, she stole about 70 percent of shareholders' equity, resulting in a financial loss to 131 bank stockholders, according to a news release from the U.S. Attorney's Office in Covington.
On Oct. 28, the bank was sold to the Bank of Kentucky.
"Mrs. Wood continued her fraud year after year until it snowballed completely out of control and destroyed the bank, harmed the directors and shareholders and left a void in the community which no longer benefits from an independent community bank," Assistant U.S. Attorney Laura Voorhees wrote in a sentencing memorandum.
Wood was ordered Monday to pay full restitution.
She will have to serve at least 85 percent of her prison sentence and will be on supervised release for five years.
Source:
kentucky.com
Posted in:
Internal Fraud