CHARLESTON – A former bank executive has pleaded guilty to embezzling more than a half-million dollars from his employer, U.S. Attorney Booth Goodwin announced March 26.
Goodwin, the U.S. Attorney for the Southern District of West Virginia, said Mark Alan McCoy, a 46-year-oldd former executive with JPMorgan Chase Bank, used monies belonging to the bank for personal use, including the purchase of a Cadillac Escalade.
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,” Goodwin said. “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. 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 faces up to 30 years in prison and a fine of up to $1 million when he is sentenced on July 17 by U.S. District Judge Irene Berger.
McCoy pleaded guilty to stealing funds from nine separate clients’ accounts. He said he created cashier’s checks for himself or would use the proceeds from the original cashier’s checks to create additional unauthorized checks.
On Jan. 19, 2011, McCoy created a cashier’s check from an account for $59,000, with the check made payable to an automotive dealership. He purchased the Escalade with it.
Nine months later, he did the same with a $22,000 check, purchasing a 1968 Chevrolet Camaro.
McCoy admitted to embezzling $582,395.59 from the bank. The actual loss to the bank, after accounting for funds the bank was able to recover, is $447,784.45.
From the West Virginia Record: Reach John O’Brien at email@example.com.