Bank CFO Pleads Guilty to Stealing over $32,000

APRIL 25, 2008

Baltimore, Maryland - Michael Walsch, age 52, of Finksburg, Maryland, pleaded guilty today to theft by a bank officer, announced United States Attorney for the District of Maryland Rod J. Rosenstein.

According to the plea agreement, Michael Walsch was the Chief Financial Officer for a bank that provides banking services only to community based financial institutions, buying and selling loans of small, community banks, allowing the community banks to compete with larger banks.

According to the statement of facts, between February 28, 2007 and May 3, 2007, Walsch used his position as CFO to steal $38,452.70 from the bank by: causing checks to be issued to purported vendors, which Walsch deposited into his personal account; causing wire transfers of bank funds to his personal accounts; and charging his personal tax bill of $802.70 to his bank credit card. Under the plea agreement, Walsch is required to pay restitution in the full amount of the loss, or as ordered by the Judge at sentencing.

Walsch faces a maximum sentence of 30 years in prison, followed by five years of supervised release. U.S. District Judge William D. Quarles, Jr. has scheduled sentencing for July 18, 2008 at 11:00 a.m.

United States Attorney Rod J. Rosenstein thanked the Federal Bureau of Investigation for its investigative work. Mr. Rosenstein commended Assistant United States Attorney Paul E. Budlow, who is prosecuting the case.


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