- Associated Press - Wednesday, September 30, 2015

OXFORD, Miss. (AP) - The former vice president of a Water Valley bank is free on $5,000 bond after being indicted by a federal grand jury.

WCBI-TV reports (https://bit.ly/1KS3VDY ) the indictment was handed up Monday against 38-year-old William J. Pullen on charges of bank fraud, theft and embezzlement linked to an elaborate scheme to take money from Mechanics Bank in Water Valley.

An arraignment date was set for Friday before U.S. Magistrate Judge S. Allen Alexander.

Court documents show Pullen was a loan officer and would issue loans and lines of credits in the names of unsuspecting bank customers. The indictment shows Pullen took out at least $1.3 million in other people’s names. He would take some of that money for himself and use some of it to make payments on other bogus loans.

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Information from: WCBI-TV, https://www.wcbi.com


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