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Sunday, August 29, 2010

Greenville, South Carolina Loan Officer Sentenced For Embezzlement

A woman who worked for a Greenville bank for more than 20 years pleaded guilty on Monday to stealing a half a million dollars from her employer. Kimberly McAbee, 45, was sentenced to 2 years in prison.
McAbee worked for Arthur State Bank in Woodruff from 1988 until December 2009, according to evidence presented at the change of plea hearing. Investigators said McAbee embezzled about $520,000 from the bank by manipulating home equity lines of credit and mortgage loans held by family members and friends. To hide her activities, McAbee accessed the bank's expense and Freddie Mac accounts to move funds around and conceal the theft, they said. McAbee's supervisor discovered the discrepancies on Christmas Eve, 2009, and reported it to law enforcement, according to the U.S. Attorney's Office. The FBI investigated the matter and interviewed McAbee in February 2010. McAbee admitted to using her position with the bank to embezzle funds. She expressed regret for her actions and claimed that she intended to pay back the bank all the money. The case was heard by Senior United States District Judge G. Ross Anderson, Jr.

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