Bank Executive Stole $40m

Mark Miller was a bank executive at Oakwood Deposit Bank, Ohio. He was a much respected member of the local community and a member of the high school board. He has now admitted to manipulating bank records since 1999 and stands accused of stealing up to $40m.

The US Federal Deposit Insurance Corp. (FDIC) closed the bank's two branches in Oakwood in February and has already paid out much of the money covered under the terms of its charter. But at least $9m in deposits were uninsured. Big losers include The Wayne Trace school district and the county-owned local hospital. Both lost nearly $1m. Stockholders lost everything - around $6m.

Miller, 47, admits that he manipulated bank records, but denies charges of money laundering and embezzlement.

He is currently free on $1m bail, but is confined to his house.

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts