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Whitaker Bank president accused of embezzlement

On Behalf of | Sep 22, 2020 | Criminal Defense |

For those facing charges related to white-collar crime, they may not realize what the potential ramifications may be. Some assume if they serve their sentence, they will be able to continue on with their lives without a hitch.

However, crimes like embezzlement have the potential to result in a very long jail sentence and/or significant fines. This isn’t even to mention the effect a conviction can have on the rest of a person’s life. Those accused may want to consider a strategy for criminal defense very carefully, as the case of one former bank president accused of embezzlement here in Kentucky may show.

Examining the situation

Authorities say that the former president of Whitaker Bank committed embezzlement by misapplying bank assets. The report states he stole property belonging to a local country club, including golf carts, which were considered bank assets. The president was also accused of listing personal expenses, such as his mobile phone bill and car repairs, as professional expenses and demanding reimbursement from the bank.

The president pleaded guilty in federal court to the count of embezzlement and is awaiting sentencing. His crime could carry a prison sentence of up to 30 years and a fine up to $1 million. Even if he receives a lenient sentence, a conviction like this could have a serious impact on his future employment options.

Many people may think that if a crime they’re accused of committing is nonviolent that any punishment will not be severe. However, this case shows those accused of white-collar crime may want to work with an experienced criminal defense attorney. The potential fallout from a conviction for this type of crime is too significant to leave to chance.