Former Charleston bank executive pleads guilty to embezzlement in West Virginia

The former executive of a Charleston-based J.P. Morgan Chase Bank who admitted to embezzling more than $500,000 from his employer pleaded guilty Tuesday in federal court.

According to a release from U.S. Attorney Booth Goodwin’s Office, Mark Alan McCoy, 46, of Charleston, pleaded guilty to embezzlement by a bank officer.

From September 2008 until June 2012, McCoy was the vice president of private client banking services at the bank’s Charleston branch.

McCoy admitted in court to stealing monies belonging to Chase Bank during his employment, from approximately nine separate personal and corporate bank clients’ accounts. The illegal activity took place from November 30, 2009 through April 19, 2012.

McCoy also admitted that he created cashier’s checks for himself or would use the proceeds from the original cashier’s checks to create additional unauthorized checks.

McCoy further admitted to creating an unauthorized cashier’s check on January 19, 2011 from a client’s corporate bank account for $59,000, with the check made payable to Moses automotive dealership. He said he then took the cashier’s check and purchased a Cadillac Escalade with the proceeds.

In addition, McCoy also admitted to creating another unauthorized cashier’s check from a client account for $22,000. He said he deposited that check into another client’s account for payment for a 1968 Chevrolet Camaro.

In all, McCoy admitted to taking around $532,395.59 of monies from Chase Bank. The actual loss to Chase Bank, after accounting for funds that the defendant deposited into client accounts and other funds that the bank was able to recover, is $447,784.45.

McCoy faces up to 30 years in prison and a fine of up to $1 million when he is sentenced on July 17.