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Monday, September 19, 2011

Former Bank President Pleads Guilty to Embezzling Millions of Dollars in Kentucky

The former president and chief executive officer of a Falmouth, Ky. bank admitted that she embezzled more than two million dollars from the bank, according to a plea agreement filed today.

Donna J. Wood, 50, pleaded guilty yesterday in federal court to an embezzlement charge and admitted that from March of 2003 until January 26 of this year she embezzled $2,244,506.44 from United Kentucky Bank.

Wood also signed an agreement with the Federal Deposit Insurance Corporation which stipulates that she will never work in banking again.

According to the plea agreement, Wood transferred money belonging to the bank into accounts owned by her husband and her two sons. Wood then falsified bank records to conceal her criminal conduct from auditors.

Wood worked as the bank president for two years. Prior to that, she had worked as the bank’s vice president since the bank opened in 1992.

Kerry B. Harvey, United States Attorney for the Eastern District of Kentucky, and Elizabeth A. Fries, Special Agent in Charge, FBI, Louisville Field Division, jointly made the announcement today.

The investigation was conducted by the FBI. The United States was represented in the case by Assistant United States Attorney Laura K. Voorhees.

Wood faces a maximum penalty of 30 years in prison. Any sentence will be imposed by the court after consideration of the United States Sentencing Guidelines and the federal statute governing the imposition of sentences.

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