Former bank chief indicted on fraud, embezzlement charges
The former president and chief executive of Farmers Exchange Bank in Wisconsin is accused of giving himself fraudulent bonuses and using bank funds to purchase car-racing items and two SUVs for his personal use, according to a federal indictment.
Geffrey Sawtelle, 62, of Neshkoro faces multiple charges of bank fraud and embezzlement, U.S. Attorney Gregory A. Haanstad announced Wednesday.
Sawtelle served as president of the bank from 2000 until 2014, and prosecutors allege he defrauded the bank for a decade.
Sawtelle is accused of buying car-racing items, including trailers, a motor home and Corvette, and manipulating the bank's ledger to hide the purchases, according to a news release.
Read more: http://www.jsonline.com/news/former-bank-chief-indicted-on-fraud-embezzlement-charges-b99761052z1-386642671.html
