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Wednesday, June 19, 2013

Former bank president indicted on 18 counts of fraud

A former Community Bank & Trust president was indicted on 18 counts of bank fraud in U.S. District Court on Tuesday.

David J. Langemak, 41, of Plymouth, faces a maximum of 30 years in prison and a $1 million fine on each count of fraud, according to the U.S. Attorney’s office in Milwaukee.

According to the indictment:

Langemak, while employed as president of the Plymouth branch of Community Bank & Trust, made unauthorized withdrawals totaling approximately $250,000 from the accounts of various bank customers for the benefit of a single, unrelated bank customer.

Community Bank & Trust Chairman and CEO, Tony Jovanovich, said Langemak ceased to be employed by the bank in 2011.

"No customers lost any money," Jovanovich said. He declined to elaborate.

Langemak became president of the Plymouth branch in 1998, according to his LinkedIn profile page.

The case was investigated by the Federal Deposit Insurance Corporation, Office of the Inspector General, the Federal Bureau of Investigation and the Small Business Administration, Office of the Inspector General. The case is being prosecuted by Assistant United States Attorney Carol L. Kraft.

Community Bank & Trust has 11 branches across eastern Wisconsin, including four in Sheboygan.

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