Former Vice President of Bank Receives 42-Month Sentence for Embezzlement

United States Attorney Deborah R. Gilg announced that Matthew J. Monheiser, age 38 of Sidney, Nebraska, was sentenced today in Lincoln, Nebraska, to 42 months in prison by United States District Judge John G. Gerrard, for embezzling $1,364,953.66 from the First National Bank in Sidney Nebraska.  In addition to the prison term, Mr. Monheiser was ordered to pay full restitution, ($500,000 of which has already been paid), and serve a 5 year term of supervised release upon his release from prison. 

Monheiser began working for the First National Bank in Sidney, Nebraska, in 2001.  The First National Bank became the Points West Community Bank in 2010.  The deposits of both banks were at all times insured by the Federal Deposit Insurance Corporation.  At all times Monheiser was an employee of both banks, and became an executive vice president and branch manager of the Points West Community Bank.

Beginning by at least March 1, 2003, and continuing until approximately August, 2012, Monheiser embezzled and stole money from the bank.  Monheiser accomplished the theft and embezzlement in three ways.  Monheiser used funds from the loan accounts of bank customers to purchase cashier’s checks in the customers’ names, and would then use the proceeds for his own benefit.  Monheiser also created loans in the names of bank customers, or increased the amount of existing loans, and used the proceeds for his own benefit.  Lastly, he also removed a total of $82,000 in cash from the bank’s vault.

This case was investigated by the Federal Bureau of Investigation.