News and Press Releases

Former Bank Senior Vice President Sentenced for Theft from Customer Accounts

Jan. 30, 2012

HOUSTON - Kim Arnold, formerly a senior Vice President and Loan Officer at Sterling Bank, has been sentenced to federal prison for bank theft, United States Attorney Kenneth Magidson announced today.

Arnold, 57, of Tomball, Texas, was indicted in June 2011 and pleaded guilty to one count of bank theft in November 2011. Between Oct. 10, 2007, and Dec. 15, 2008, Arnold stole at least $141,430 from customer accounts while employed as a senior vice president and loan officer at Sterling Bank. Arnold admitted her guilt to an FDIC investigator and acknowledged she made at least 47 unauthorized withdrawals from customer accounts for her personal use and benefit.      
           
United States District Court Judge Lynn Hughes handed down the 18-month sentence this afternoon which included an order that she not work in the banking business and that she pay restitution to Sterling Bank in the amount of $141,430.
 
Previously released on bond, Arnold was allowed to voluntarily surrender to a U.S. Bureau of Prisons facility to be determined in the near future.

The investigation was conducted by the Federal Deposit Insurance Corporation-Office of Inspector General. Assistant United States Attorney Belinda Beek prosecuted the case. 

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