Former Charleston bank exec pleads guilty to embezzlement scheme - Beckley, Bluefield & Lewisburg News, Weather, Sports

Former Charleston Chase Bank exec pleads guilty to embezzlement scheme

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A former Charleston J.P. Morgan Chase Bank executive has pleaded guilty to embezzling more than a half million dollars from his employer, U.S. Attorney Booth Goodwin recently announced.

Mark Alan McCoy, 46, who served as a vice president of private client banking services at the Charleston branch from September 2008 to June 2012, pleaded guilty in federal court March 26 to embezzlement by a bank officer.

According to Goodwin's news release, McCoy admitted that from Nov. 30, 2009, through April 19, 2012, he stole money from approximately nine separate personal and corporate bank clients' accounts.

Federal prosecutors say McCoy created an unauthorized cashier's check from a client's corporate bank account for $59,000, making it payable to Moses Automotive dealership.

McCoy took that cashier's check and purchased a Cadillac Escalade with the proceeds, the news release says.

Additionally, he created another unauthorized cashier's check from a client account for $22,000 and deposited it into another client's account to pay for a 1968 Chevrolet Camaro.

In total, the news release says, McCoy admitted to taking $535,395.59 from Chase. The actual loss to Chase Bank after accounting for funds that McCoy deposited into client accounts and other funds that the bank was able to recover is $447,784.45.

McCoy faces up to 30 years in prison and a $1 million fine when he is sentenced July 17.