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Press Release

Former Bank Officer Sentenced To 30 Months In Federal Prison

For Immediate Release
U.S. Attorney's Office, Western District of Texas

In Waco today, 34-year-old Cory Cole of Itasca, TX, was sentenced to 30 months in federal prison for embezzling money from the Citizens State Bank (CSB) announced United States Attorney Robert Pitman.

In addition to the prison term, United States District Judge Walter S. Smith, Jr. ordered that Cole pay a $50,000 fine and be placed under supervised release for a period of five years after completing his prison term.  Yesterday, Cole paid $175,000 restitution to the bank.

On July 3, 2014, Cole pleaded guilty to one count of theft or embezzlement by a bank employee.  By pleading guilty, Cole admitted that beginning in January 2013, while serving as a CSB vice president, he stole bank funds by approving more than 20 loans based on fraudulent documentation he created.

Cole remains on bond pending notification of Bureau of Prisons facility designation.

This case was investigated by the U.S. Secret Service and the Texas Department of Public Safety.  Assistant United States Attorney Gregg Gloff prosecuted this case on behalf of the Government.

Updated December 15, 2014