David Saks: March 2012

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

BANK OFFICIAL SENTENCED TO OVER TEN YEARS IN PRISON FOR EMBEZZLEMENT OF NEARLY 6 MILLION DOLLARS

Former Bank Official Sentenced for Embezzling Nearly $6 Million from Bank

U.S. Attorney’s Office March 08, 2012
  • Northern District of Iowa (319) 363-6333
, , ,
 

A former bank official who stole nearly $6 million from the bank over the course of 19 years was sentenced on March 7, 2012, to more than 10 years in federal prison.

George Todd Powers, age 48, Clarksville, Iowa, received the prison term after pleading guilty on November 4, 2011, to one count of embezzlement from a bank and one count of aggravated identity theft.

In a plea agreement, Powers admitted that, between about the spring of 1991 and September 2010, he embezzled money from Iowa State Bank in Clarksville, Iowa. During the time of the embezzlement, Powers served as the bank’s 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 bank’s general ledger, and serving 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. In order to conceal his crime, Powers opened one account under a fictitious name and another account using the stolen identity of another person. Powers also altered bank records and fabricated bank documents in an effort to hide his embezzlement.

Powers stole at least $5,986,781.18 as part of the offense. 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 his plea agreement, Powers agreed to forfeit the house, the recreational vehicle, and the proceeds from the sale of the Cadillac.

Powers was sentenced in Cedar Rapids by United States District Court Chief Judge Linda R. Reade. Powers was sentenced to 121 months’ imprisonment. A special assessment of $200 was imposed, and he was ordered to make $5,986,781.18 in restitution to Iowa State Bank and its fraud insurer. He must also serve a five-year term of supervised release after the prison term. There is no parole in the federal system.

Powers is being held in the United States Marshal’s custody until he can be transported to a federal prison.

The case was prosecuted by Assistant United States Attorney Peter Deegan and was investigated by the Federal Bureau of Investigation, the Federal Deposit Insurance Corporation-Office of Inspector General, and the United States Secret Service.

Court file information is available at https://ecf.iand.uscourts.gov/cgi-bin/login.pl. The case file number is CR 11-3050 LRR.

Courtesy FBI



David Saks



Time&Temp Memphis

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