Former Bank Official Pleads Guilty to Embezzlement and Making False Entries
|U.S. Attorney’s Office June 03, 2010|
Dennis C. Pfannenschmidt, United States Attorney for the Middle District of Pennsylvania, announced that Glenn J. Clark, age 37, of Scranton, Pennsylvania, pleaded guilty in federal court to embezzling approximately $30,000 and making numerous false entries into North Penn Bank’s records that resulted in approximately $488,000 in losses to the bank. As a result of the guilty plea, Clark faces up to 60 years’ imprisonment, $2 million in fines and full restitution for any losses caused by his conduct. No date has been set for sentencing.
Clark was an Assistant Vice-President, Controller and Principal Accounting Officer for North Penn Bank which is located in Scranton, Pennsylvania. Clark was terminated in November 2008, when the bank discovered his embezzlements. Subsequent investigation revealed that Clark manipulated the bank’s correspondent bank account to conceal substantial shortages in that account.
Clark admitted today that he embezzled approximately $30,000 by using the bank’s funds to pay personal expenses. Clark also admitted that as the bank’s principal accounting officer, he became aware of substantial shortages in the bank’s correspondent bank account. Instead of reporting those shortages to the bank’s management, he made numerous fraudulent journal entries to conceal the shortages.
This case was investigated by the FBI and is assigned to Senior Litigation Counsel Bruce Brandler for prosecution.