Former bank executive sentenced to prison for embezzlement
CHARLESTON, W.Va. - A former Chase Bank executive who embezzled more than $500,000 from the company was sentenced to three years in federal prison.
U.S. District Judge Irene Berger on Wednesday also ordered Mark McCoy of Charleston to pay more than $447,000 in restitution.
McCoy, 46, worked as a Charleston branch vice president of private client banking services. He pleaded guilty in March to embezzlement by a bank officer, U.S. Attorney Booth Goodwin said.
"Bankers are given a special position of trust," Goodwin said. "To abuse that trust is unconscionable.
"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 2009 through April 2012 McCoy stole money from approximately nine separate personal and corporate bank clients' accounts at Chase Bank, the statement said. He created cashier's checks for himself or would use the proceeds from the original cashier's checks to create unauthorized checks.
McCoy created a cashier's check in January 2011 for $59,000 from a client's corporate account and used it to buy a Cadillac Escalade from a Charleston dealership. He bought a 1968 Chevrolet Camaro a few months later in October with a $22,000 unauthorized cashier's check from another client's account.
He admitted he took about $532,395.59 from the bank. The actual loss to the bank, after accounting for money McCoy deposited into client accounts and funds they were able to recover, is $447,784.
The U.S. Secret Service conducted the investigation. Assistant U.S. Attorney Meredith George Thomas handled the prosecution.
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