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Thursday, February 28, 2013

Former Illinois bank president admits embezzlement

The man who was president of a small-town central Illinois bank has pleaded guilty to embezzlement.
Bryson John Russell of Lincoln started working at Hartsburg State Bank in Logan County in 1966. He became bank president in 1989. On Thursday, federal prosecutors said he admitted he stole money from the bank to pay for personal expenses. Officials say Russell did it by taking out loans in the names of bank customers and relatives.
Federal officials say the bank's total loss is between $376,000 and about $562,000. Hartsburg is about 35 miles south of Peoria. It has a population of 314.
Russell is scheduled to be sentenced on June 27. He faces up to 30 years in prison and a $1 million fine. He also may be ordered to pay restitution.

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