United States Attorney John M. Bales
Eastern District of Texas
|FOR IMMEDIATE RELEASE||CONTACT: DAVILYN WALSTON|
|FRIDAY, JUNE 5, 2009||PUBLIC INFORMATION OFFICER|
|WWW.USDOJ.GOV/USAO/txe||PHONE: (409) 839-2538 CELL: (409) 553-9881|
FORMER CASS COUNTY BANK OFFICIAL GUILTY OF EMBEZZLEMENTMARSHALL, TX - U.S. Attorney John M. Bales announced today that a former bank official has pleaded guilty to embezzling funds in the Eastern District of Texas.
TRACY CULP, 44, of Texarkana, TX, pleaded guilty to theft embezzlement by a bank employee today before U.S. Magistrate Judge Chad Everingham.
According to information presented in court, from October 1, 2005 through June 6, 2007, during which time Culp was employed as the vice-president and branch manager of the Cass County Bank in Queen City, Texas, he devised a scheme to embezzle funds from the bank by creating fraudulent loans and diverting the proceeds of those loans for his personal benefit. Culp agreed during the plea hearing that the amount of the embezzlement was $260,381.89. Culp was indicted by a federal grand jury on Sept. 9, 2008.
Culp faces up to 30 years in federal prison at sentencing. A sentencing date has not been set.
This case is being investigated by the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorney Denise O. Simpson.
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