KeyBank exec stole $29 million, FBI says (OH)

[OhioChick]

Suspect arrested yesterday, to be arraigned Thursday
Tuesday, November 14, 2006
Denise Trowbridge
THE COLUMBUS DISPATCH


A KeyBank vice president has been arrested after being accused of embezzling $29 million from the company, the FBI said yesterday.

David Francis Verhotz, a senior vice president and managing director of KeyBank’s international banking Global Trade Services division, was arrested Saturday at Cleveland Hopkins International Airport after an investigation by the FBI and KeyBank.

Verhotz, 56, appeared in U.S. District Court in Cleveland yesterday and was assigned a federal public defender, U.S. Attorney spokesman William J. Edwards said.

He will appear before a magistrate Thursday morning for a detention hearing.

Verhotz most likely will be charged with bank fraud and embezzlement by a bank officer, FBI spokesman Scott T. Wilson said. Each charge carries a maximum sentence of 30 years in prison and a $1 million fine.

http://www.columbusdispatch.com/business-story.php?story=dispatch/2006/11/14/20061114-C1-03.html

[whistle]

1. Teapot Dome all over again

[BR_Parkway]

2. $29 million and you get a public defender? WFT?

[OhioChick]

3. My Thoughts, Exactly. n/t

[atreides1]

7. It wasn't his money

So the assignment of a public defender seems appropriate!

[Tight_rope]

14. Took the words right outta my mouth...

:spank: :spank: :spank:

[Joe Bacon]

4. How?

How did he do this?

Aren't there something called bank auditors?

[Aviation Pro]

5. KeyBank is one of the largest providers....

...of student loans (euphamistically called 'financial aid'). They are rapacious and lobbied the administration extensively on the bankruptcy issue.

[LiberalEsto]

8. That's where our daughters' student loans came from

My kids will be struggling for decades to pay back their loans.

[The Backlash Cometh]

6. Now we know why Ohio appears to be so poor.

Everyone who is in power seems to think it's okay to steal from the trough.

[saigon68]

12. Dipping SNOUTS in the trough

[Frustratedlady]

9. How is it possible to embezzle that much,

without someone catching on...unless it was done over a very short time?

[LiberalEsto]

10. The feds are too busy spying on Democrats,

lefties, progressives, anti-war advocates, etc. They don't have time to go after corporate criminals.

[Frustratedlady]

11. Unfortunately, you make sense. n/t

[Tight_rope]

15. LMBAO..Ain't that the truth!

:beer:

[williesgirl]

13. A bank VP gets a public defender? WTF? Pay your own damn bills.

[POAS]

16. Only 29 Mil? What a piker.

Must be a Democrat stealing that small.

:sarcasm: