Posted on 3/8/21

The former president of a Texas bank has been sentenced to eight years in federal prison. The 57-year-old pleaded guilty to conspiracy to commit bank fraud and arson. She forged bank loans over nine years, embezzling at least 11 million dollars. To cover her tracks, she burned the incriminating bank records by lighting the bank’s board room on fire the day before authorities from the Texas Department of Banking were scheduled to review the documents. Law enforcement who investigated the fire discovered several files stacked on the boardroom table in order to burn evidence related to the case.

The former bank president admitted that she set the building on fire to hide evidence that she embezzled over 11 million dollars to fund her lifestyle, friends’ businesses, and her boyfriend’s business. She began the embezzlement scheme in 2012. As part of her plea agreement, she has agreed to pay the victims of her embezzlement scheme over $11 in restitution. One of the bank’s vice presidents at the time has also been charged and sentenced to two years in prison for her part in the embezzlement scheme. Additionally, she must pay $410,000 in restitution.

Facing Embezzlement Charges in Texas

Sometimes people assume that the crime of embezzlement only involves high-profile scenarios like the one discussed above. However, anyone who steals property or money from an employer can face embezzlement charges in Texas. In Texas, the crime of embezzlement involves wrongfully using another person’s property or money for personal gain. 

Embezzlement is different from other types of theft. In embezzlement, an employer or other person entrusted the defendant to hold or manage the money or property steals that property. In the case mentioned above, the bank manager was entrusted with managing clients’ assets when she stole their assets for her personal use. Embezzlement frequently includes the following instances:

  • Family members misappropriating funds from elderly relatives, disabled relatives, or others who trusted them to manage their assets

  • Altering the company’s accounting books to conceal income to the business

  • Transferring company funds to a personal checking account

  • Theft of services or goods from an employer

  • Theft of cash from an employer

Who Can be Charged with Embezzlement in Texas?

Anyone who has been entrusted with money or goods on behalf of another person can be charged with embezzlement in Texas. However, certain employees are more commonly accused of embezzlement than others, such as the following:

  • Employees, including warehouse operators, cashiers, and office managers

  • Vendors

  • Independent contractors

  • Bookkeepers and Accountants

  • Securities professionals

  • Business managers and agents 

Contact a Fort Worth Embezzlement Lawyer Today

If you have been charged with embezzlement in Texas, you need an experienced criminal defense lawyer on your side. You could face serious penalties, including jail time and hefty fines. Contact Abel Law Firm today to schedule your initial consultation to learn how to fight for your rights.

Flower Mound Office

Phone: 972.584.7837

Denton Office