Former Bank Official Pleads Guilty To Embezzling Nearly $6 Million From Bank
Contact: Peter Deegan
A former bank official who stole nearly $6 million from the bank over the course of 19 years pled guilty today in federal court in Cedar Rapids.
George Todd Powers, age 48, Clarksville, Iowa, was convicted of one count of embezzlement from a bank and one count of aggravated identity theft.
In a plea agreement, Powers admitted that, between about the Spring of 1991 and September 2010, he embezzled money from Iowa State Bank in Clarksville, Iowa. During the time of the embezzlement, Powers served as the bank’s cashier and a member of its board of directors. As the cashier, Powers’ duties included the daily management of the bank’s cash, maintenance and reconcilement of the bank’s general ledger, and serving as the point of contact during bank examinations and audits.
As part of the offense, Powers opened several accounts for the purpose of receiving embezzled funds. In order to conceal his crime, Powers opened one account under a fictitious name and another account using the stolen identity of another person. Powers also altered bank records and fabricated bank documents in an effort to hide his embezzlement.
Powers stole at least $5,986,781.18 as part of the offense. He spent some of the stolen money on significant improvements to his house, a recreational vehicle, and a $67,000 Cadillac Escalade. As part of his plea agreement, Powers agreed to forfeit the house, the recreational vehicle, and the proceeds from the sale of the Cadillac.
Sentencing before United States District Court Chief Judge Linda R. Reade will be set after a presentence report is prepared. Powers remains free on bond pending sentencing. Powers faces a mandatory minimum sentence of 2 years’ imprisonment and a possible maximum sentence of 32 years’ imprisonment, a fine equal to the greater of twice the gross gain resulting from the offense, twice the gross loss resulting from the offense, or $1,000,000, $200 in special assessments, and 6 years of supervised release following any imprisonment.
The case is being prosecuted by Assistant United States Attorney Peter Deegan and was investigated by the Federal Bureau of Investigation, the Federal Deposit Insurance Corporation Office of Inspector General, and the Unites States Secret Service.
Court file information is available at https://ecf.iand.uscourts.gov/cgi-bin/login.pl. The case file number is CR 11-3050 LRR.
