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SW Mo. bank loan officer sentenced for fraud

SW Mo. bank loan officer sentenced for fraud

December 16th, 2011 in News

SPRINGFIELD, Mo. (AP) - A former bank loan officer was sentenced to three years and four months in federal prison for fraud that cost the bank where he worked more than $450,000.

U.S. Attorney Beth Phillips said in a news release Thursday that 42-year-old Troy W. Posten of Crocker was sentenced for defrauding the Bank of Crocker. Prosecutors say Posten fraudulently obtained loans, lines of credit, and funds from bank customers' accounts without their knowledge.

He admitted to stealing $451,763 from several customers and the bank.

Among other things, he made loans to unsuspecting borrowers and diverted the proceeds to his personal accounts and issued cashier's checks to deposit in his own accounts.