Sioux Falls Man Sentenced for Bank Fraud
Assistant United States Attorney
US Attorney Brendan V. Johnson announced that a Sioux Falls man charged with bank fraud was sentenced on October 31, 2011, by Chief US District Judge Karen E. Schreier. Michael E. Smith, age 35, was sentenced to five months of home confinement with five years of supervised release to follow, restitution of $35,478.42 to Wells Fargo, and $100 to the Victim Assistance Fund.
Smith was indicted for bank fraud by a federal grand jury on April 6, 2011. Smith was employed as a teller at a Wells Fargo branch in Sioux Falls. On February 15, 2011, he confessed to stealing about $40,000 from a Wells Fargo branch when his teller drawer began showing unusual transactions and was coming up short without explanation. Smith pled guilty to one count of bank fraud on August 12, 2011.
This case was investigated by the Federal Bureau of Investigation. Assistant US Attorney Kevin Koliner prosecuted the case.