Waterloo Bank Fraud Arrest
June 23, 2011
Total Loss:
$1.4 million
A former vice president of a Shoals bank is accused of defrauding more than a million dollars. Dwayne Charles Holcombe, 49, is charged with one-count of bank fraud and three counts of altering bank records. Holcombe used to be the VP at Farmers and Merchants Bank of Waterloo. Reports indicate the Shoals man defrauded the bank out of $1.4 million dollars over six years. Holcombe is accused of approving loans to several bank customers and later changing the names of the borrowers to other customers who never asked for the money. Investigators are not accusing Holcombe of personally gaining from the scheme.
Source:
WHNT News
Posted in:
Internal Fraud