- Associated Press - Thursday, May 12, 2016

DAVENPORT, Iowa (AP) - A former southeast Iowa bank president has pleaded guilty in federal court to embezzling over $400,000 from the bank through phony loans and taking another $200,000 in bonuses and pay increases.

U.S. Attorney Kevin VanderSchel says Thursday that 52-year-old Russell Wagler, the former president of People’s Savings Bank in Crawfordsville, pleaded guilty Monday to charges of embezzlement and obstruction of a bank examination.

Court records say Wagler created numerous straw loans for existing bank customers between December 2002 and March 2013 and took about $425,000 in loan money. He was also accused of receiving multiple unauthorized bonuses and salary increases, which cost the bank about $200,000 between January 2008 and October 2013.

He is set to be sentenced Sept. 19.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide