Former Chase executive pleads guilty to embezzlement
CHARLESTON, W.Va. -- A former J.P. Morgan Chase Bank executive admitted Tuesday to embezzling more than $500,000 from the bank's Charleston branch by siphoning the funds from accounts belonging to corporate clients.
Mark Alan McCoy, 46, pleaded guilty in federal court Tuesday to one count of embezzlement by a bank officer, according to a news release from the U.S. Attorney's Office.
McCoy was the vice president of private client banking services at the bank's Charleston branch from September 2008 to June 2012.
"Bank employees are given a tremendous position of trust," Booth Goodwin, U.S. Attorney for the Southern District of West Virginia, said in the release. "To abuse that trust is unconscionable. It's a crime not only against the bank, but against everyone who counted on this defendant to keep their money safe and sound."
McCoy admitted that from Nov. 30, 2009 to April of 2012, he drew funds from nine personal and corporate accounts by creating unauthorized cashiers checks linked to the accounts, according to the release.
On Jan. 19, 2011, McCoy said, he created a check for $59,000 from a corporate client's bank account. He had the check made out to a local auto dealership, and used it to buy a Cadillac Escalade, according to the release.
Nine months later, on Oct. 19, 2011, McCoy created another fake check for $22,000 from a client account. He used that check to pay for a 1968 Chevrolet Camaro.
In total, McCoy admitted to drawing $532,395 from the bank, according to the release.
Chase reported that its actual loss, after accounting for funds that McCoy deposited into clients accounts and other funds that the bank was able to recover, stands at nearly $448,000.
McCoy faces up to 30 years in prison and a $1 million fine when he is sentenced on July 17 by U.S. District Judge Irene Berger.
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