Eads Woman Pleads Guilty To $1,500,000 Bank Fraud
Memphis, TN - Edward L. Stanton, III, United States Attorney for the Western District of Tennessee, and Rick Harlow, Special Agent in Charge of the Memphis Field Office of the United States Secret Service, announced today that Karen Tripp, 47, pleaded guilty to bank fraud arising from a scheme to defraud Seiler-Nabers Construction, the company where she worked as a bookkeeper from 2006 through 2010.
Tripp admitted in court to embezzling over $1,500,000 from Seiler-Nabers Construction over the course of her fraudulent scheme. As part of the plea, Tripp acknowledged that over the course of almost five years, she diverted company checks away from their legitimate recipients and into bank accounts under her personal control.
Tripp faces up to 30 years in prison. In addition, Tripp pled guilty to a criminal forfeiture charge that requires her to pay back all of the money she stole. Sentencing has been set for August 3, 2012, before United States District Judge Samuel H. Mays.
“Karen Tripp’s greed cost good people their jobs,” said United States Attorney Edward L. Stanton, III. “Victims can continue to suffer both emotionally and financially for years after a crime like this, which caused the demise of a reputable company. My office will hold this defendant accountable for the damage she has done.”
The case was investigated by the United States Secret Service in conjunction with the Collierville Police Department. The case is being prosecuted by Assistant U.S. Attorney Jonathan Skrmetti.