Former Bank Manager Admits to Stealing $80,000 from Bank
| U.S. Attorney’s Office March 06, 2012 |
MINNEAPOLIS—Yesterday in federal court in St. Paul, the former vice president and branch manager of the Star Bank in Bertha, Minnesota admitted to stealing $80,000 from the bank. Kenneth Marlyn Ashbaugh, age 67, of Bertha, pleaded guilty to one count of bank theft. Ashbaugh, who was charged on January 27, 2012, entered his plea before United States District Court Judge Donovan W. Frank.
In his plea agreement, Ashbaugh admitted that from September 1, 2010 through June 1, 2011, he stole approximately $80,000 from the bank. In addition, Ashbaugh admitted that during the same period, he fraudulently obtained loans from the bank by misrepresenting either the identity of the individual applying for the loan or the applicant’s ability to repay the loan.
For his crime, Ashbaugh faces a potential maximum penalty of 10 years in prison. Judge Frank will determine his sentence at a future hearing. This case is the result of an investigation by the Federal Bureau of Investigation and the Todd County Sheriff’s Office. It is being prosecuted by Assistant U.S. Attorney Kimberly A. Svendsen.