Former Bank Executive Confesses To Embezzlement

 A former executive of the United Bank of Michigan has confessed to committing theft amounting to hundreds of thousands of dollars. John Figg, aged 56 and a resident of Grand Rapids, pleaded guilty to charges of embezzlement by a bank employee and tax evasion in a federal court on Monday. According to federal investigators, Figg abused his position as a senior vice president at United Bank, headquartered in Grand Rapids, to misappropriate approximately $870,000 between 2014 and 2021. 

He did this by using the names of clients to obtain loans and then either keeping the money for himself or collecting loan closing fees that the bank would normally receive. In other instances, he simply withdrew money from clients' accounts without their knowledge. Additionally, Figg did not report the stolen money on his tax returns, which means that the federal government could also charge him with tax evasion. A date for sentencing has not yet been set. If convicted of embezzlement, Figg could face up to 30 years in prison, while a tax evasion charge could result in a punishment of up to five years.

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Location: Michigan, USA

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