FORMER BANK EXECUTIVE CHARGED WITH BANK FRAUD

United States Attorney Matthew D. Krueger, has announced that on May 7, 2019, a grand jury sitting in the Eastern District of Wisconsin returned a 13-count indictment charging Archie G. Overby, 70, formerly of Waupaca, Wisconsin, now living in Plano, Texas, with bank fraud in violation of Title 18, United States Code, Section 1344, and misapplication of bank funds by a bank officer, in violation of Title 18, United States Code, Section 656. If convicted of these offenses he faces up to 30 years in prison and a $1,000,000 fine on each count.

The indictment alleges that between 2010 and 2013, Overby, who was then president, CEO and Chairman of the Board of First National Bank in Waupaca, Wisconsin, defrauded the bank by expensing the bank for luxurious personal travel and entertainment for himself, his family, and various friends. Among the trips that he is alleged to have taken at bank expense are trips to Tanzania, the Cayman Islands and St. Maarten, as well as to luxury hotels and resorts in California, Texas, Florida, and North Carolina. The indictment alleges that this personal travel exceeded $1.2 million dollars and that he caused the bank to provide him with an additional $320,930 to cover taxes on the ill-gotten proceeds.

  The case was investigated by Special Agents of the Federal Deposit Insurance Corporation Office of Inspector General and the United States Treasury Office of Inspector General. It is being prosecuted by Assistant United States Attorney Carol L. Kraft. 

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