Former Chase Bank executive pleads guilty to embezzling
CHARLESTON, W.Va. - A former Charleston-based Chase Bank executive who admitted to embezzling more than $530,000 from the institution could face up to 30 years in federal prison.
Mark Alan McCoy, 46, of Charleston pleaded guilty Tuesday to embezzlement by a bank officer and admitted he stole money from the bank and his clients' accounts, according to a statement by U.S. Attorney Booth Goodwin's office.
Among other things, he apparently bought a Cadillac SUV and a 1968 Chevrolet Camaro with the money.
McCoy worked from September 2008 until June 2012 as the vice president of private client banking services at the Charleston branch. His embezzling began in November 2009 and lasted until April 2012, according to court documents.
He told the court he stole money belonging to the bank and from about nine separate personal and corporate accounts. McCoy said he created cashier's checks for himself or would use the proceeds from the original cashier's checks to create unauthorized checks for himself.
On Jan. 19, 2011, he created an unauthorized cashier's check for $59,000 from a client's corporate bank account. He made the check payable to Moses Automotive car dealership and purchased a Cadillac Escalade, according to court documents.
Later that year, in October, he created another unauthorized cashier's check from another client's account for $22,000. That check was deposited into another client's account for payment for a 1968 Chevrolet Camaro.
McCoy admitted to taking about $532,395 from the bank from 2009 to 2012. The actual loss to Chase Bank, after accounting for funds McCoy deposited into client accounts and other funds the bank was able to recover, was $447,784, documents said.
In addition to prison time, McCoy also faces a fine of up to $1 million. U.S. District Judge Irene Berger will preside over the July 17 sentencing. The U.S. Secret Service conducted the investigation. Assistant U.S. Attorney Meredith George Thomas handled prosecution.