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Former Bank Officer Receives Prison Sentence, Restitution for Embezzlement
“Bankers are given a special position of trust,” said U.S. Attorney Booth Goodwin. “To abuse that trust is unconscionable.”
Goodwin continued, “It’s a crime not only against the bank, but against the customers who counted on this defendant to keep their money safe and sound. The sentencing of Mr. McCoy shows that bank embezzlement has real consequences.”
From November 30, 2009, and continuing until April 19, 2012, McCoy stole monies belonging to Chase Bank from approximately nine separate personal and corporate bank clients’ accounts. During the scheme, McCoy created cashier’s checks for himself or would use the proceeds from the original cashier’s checks to create additional unauthorized checks. On January 19, 2011, McCoy created an unauthorized cashier’s check from a client’s corporate bank account for $59,000, and made the check payable to Moses automotive dealership. McCoy used the fraudulent cashier’s check to purchase a Cadillac Escalade. Similarly, on October 19, 2011, McCoy created an unauthorized cashier’s check from a client account for $22,000. McCoy caused that check to be deposited into another client’s account, using the funds for the purchase of a 1968 Chevrolet Camaro.
In total, McCoy admitted that he took approximately $532,395.59 of monies from Chase Bank. The actual loss to Chase Bank, after accounting for funds that the defendant deposited into client accounts and other funds that the bank was able to recover, is $447,784.45.
At sentencing, the Court ordered the defendant to pay $447,784.45 in restitution.The investigation was conducted by the U.S. Secret Service. Assistant United States Attorney Meredith George Thomas handled the prosecution. The sentence was imposed by United States District Judge Irene Berger.