News and Press Releases

Eads Woman Sentenced To 51 Months For $1,500,000 Bank Fraud

FOR IMMEDIATE RELEASE
November 9, 2012

Memphis, TN – Karen Tripp, age 48, was sentenced to 51 months in prison today for bank fraud
by United States District Judge Samuel H. Mays, announced Edward L. Stanton III, United
States Attorney for the Western District of Tennessee. She was also ordered to pay restitution in
the amount of $1,578,277.75. Karen Tripp pleaded guilty in May 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 previously 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, including an account for
Town Square Antiques in Collierville.

Victims testified at sentencing that Tripp concealed her theft in part by withholding funds from
medical insurance and retirement account payments, leading one victim to learn at the
prescription counter that he had no medical insurance. Another victim spoke of how he lost his
job as a result of Tripp’s theft and the subsequent collapse of the company, forcing him to
withdraw his daughter from college and pull his younger daughter out of daycare. Victims
testified that prior to the company’s dissolution, employees took a 40% pay cut in an effort to
balance the books; during that time, Tripp continued to siphon money out of the company and
into her own accounts.

The case was investigated by the United States Secret Service in conjunction with the
Collierville Police Department. The case was prosecuted by Assistant U.S. Attorney Jonathan
Skrmetti.

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