Former Charleston-based Chase Bank Executive Admits To Major Embezzlement Scheme
McCoy stole more than a half-million dollars from Chase; created unauthorized cashier’s checks to purchase a Cadillac SUV and a ’68 Chevy Camaro
CHARLESTON, W.Va. –A former Charleston-based J.P. Morgan Chase Bank (“Chase Bank”) executive who admitted embezzling more than a half-million dollars from his employer pleaded guilty today in federal court, announced United States Attorney Booth Goodwin. Mark Alan McCoy, 46, of Charleston, W.Va., pleaded guilty to embezzlement by a bank officer. McCoy was employed as the vice president of private client banking services at the bank’s Charleston branch from September 2008 until June 2012.
“Bank employees are given a tremendous position of trust,” said U.S. Attorney Booth Goodwin. “Customers trust bankers with some of life’s most important matters: their nest eggs, the money they save to send their kids to college, and the money they live on day to day.”
“To abuse that trust is unconscionable,” Goodwin continued. “It’s a crime not only against the bank, but against everyone who counted on this defendant to keep their money safe and sound. I hope this prosecution sends a strong message that this kind of crime will not be tolerated.”
McCoy admitted that from November 30, 2009, and continuing until April 19, 2012, during his employment at Chase Bank, he stole monies belonging to Chase Bank, from approximately nine separate personal and corporate bank clients’ accounts. McCoy admitted that he created cashier’s checks for himself or would use the proceeds from the original cashier’s checks to create additional unauthorized checks. McCoy further admitted that on January 19, 2011, he created an unauthorized cashier’s check from a client’s corporate bank account for $59,000, with the check made payable to Moses automotive dealership. McCoy admitted that he took the cashier’s check and purchased a Cadillac Escalade with the proceeds. Similarly, on October 19, 2011, McCoy created an unauthorized cashier’s check from a client account for $22,000. McCoy caused that check to be deposited into another client’s account for payment for a 1968 Chevrolet Camaro.
In total, McCoy admitted that he took approximately $532,395.59 of monies from Chase Bank. The actual loss to Chase Bank, after accounting for funds that the defendant deposited into client accounts and other funds that the bank was able to recover, is $447,784.45.
McCoy faces up to 30 years in prison and a fine of up to $1 million when he is sentenced on July 17, 2013 by United States District Judge Irene Berger.
The investigation was conducted by the U.S. Secret Service. Assistant United States Attorney Meredith George Thomas is in charge of the prosecution.