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Thursday, December 2, 2010

Ex-banker sentenced for North Penn embezzlement

A former North Penn Bank executive will spend 14 months in federal prison for embezzling $30,000 from the Scranton bank.

Glenn J. Clark, 37, of Scranton, was sentenced Thursday by Senior U.S. District Judge Edwin M. Kosik after pleading guilty June 3 to embezzlement and making false entries in bank records. The prison sentence will be followed by three years of supervised release.
Mr. Clark, North Penn's former assistant vice president, controller and principal accounting officer, was fired in November 2008 after the bank discovered the embezzlement.
An investigation found he embezzled about $30,000 in bank funds, which he used to pay personal expenses.
He was also accused of manipulating the bank's internal accounts and making numerous fraudulent journal entries in an attempt to conceal substantial shortages instead of reporting them to North Penn's management.

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