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Press Release

Former Geneseo Bank Executive Pleads Guilty to Embezzlement

For Immediate Release
U.S. Attorney's Office, Central District of Illinois

ROCK ISLAND, Ill. – This morning, Paul Lindsey, 70, former vice president and trust officer at Farmers National Bank in Geneseo, Ill., admitted to embezzling nearly $500,000 from the bank. Appearing before U.S. District Judge Sara L. Darrow, Lindsey, of the 1000 block of Cherry Drive, Geneseo, waived indictment and entered a plea of guilty to an information that charged him with one count of bank embezzlement.    

During his court appearance, and according to court documents, Lindsey admitted that from about September 2008 to July 2016, he embezzled at least $491,700.87 for his own personal use. Lindsey acknowledged that as the head of the bank’s trust department, he was able to transfer funds from customers’ accounts to his own self-directed IRA. Lindsey also conceded that at least one of the customers he targeted qualified as a “vulnerable victim,” as that term is used in the United States Sentencing Guidelines.    

The investigation was conducted by agents of the Federal Bureau of Investigation, with the full cooperation of Farmers National Bank. The case is being prosecuted by Assistant U.S. Attorney Kevin C. Knight. 

Lindsey is currently on bond awaiting sentencing, which is scheduled for June 7, 2018, before Judge Darrow.  

At sentencing, Lindsey faces a maximum possible penalty of up to 30 years in prison, a fine of up to $1,000,000, and a term of supervised release of up to five years. The defendant may also be ordered to make full restitution to the bank.

Updated February 7, 2018

Financial Fraud