Former bank executive sentenced for embezzlement scheme - Beckley, Bluefield & Lewisburg News, Weather, Sports

Former bank executive sentenced for embezzlement scheme

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United States Attorney Booth Goodwin announced July 17 former Charleston-based J.P. Morgan Chase Bank executive Mark Alan McCoy, 46, of Charleston, was sentenced to three years in federal prison for embezzlement.

McCoy was Charleston branch vice president of private client banking services from September 2008 until June 2012, and he embezzled more than $500,000 from the bank, including purchases of a Cadillac Escalade and a 1968 Chevy Camaro, according to Goodwin's news release.

"Bankers are given a special position of trust," Goodwin said in a news release. "It's a crime not only against the bank, but against the customers who counted on this defendant to keep their money safe and sound."

McCoy stole money from about nine separate personal and corporate clients' accounts, creating cashier's checks for himself or using proceeds from original cashier's checks to make additional unauthorized checks, according to Goodwin.

McCoy admitted to taking approximately $532,395.59 from Chase Bank, and the actual loss Chase Bank, after accounting for funds it was able to recover, was $447,784.45.

The investigation was conducted by the U.S. Secret Service.