Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
A bank CFO who embezzled more than $800,000 from a small-town bank was sentenced Thursday to nearly three years in federal prison, announced U.S. Attorney for the Northern District of Texas Leigha Simonton.
Vicki Lee Grisham, the 52-year-old former CEO of First State Bank of Abernathy, Texas, pleaded guilty in July to a felony information charging theft, embezzlement, or misapplication bank a bank officer. She was sentenced in Lubbock on Thursday to 33 months in federal prison by U.S. District Judge James Wesley Hendrix, who ordered her to pay $800,755.63 in restitution to the bank’s insurer and to serve five years of supervised release after competing her sentence.
According to court documents, Ms. Grisham was issued a credit card for purchasing business-related items for the bank and was responsible for paying invoices for that credit card.
In March 2023, the bank discovered that she systematically used the credit card for all manner of items and services unrelated to bank business, including vacations, restaurant meals, clothing, college tuition, and even her own personal income taxes. She did not reimburse the bank for any unauthorized charges.
On the day bank management confronted her, Ms. Grisham signed a document admitting she made unauthorized charges for the benefit of herself and her family.
Under the terms of her plea agreement, Ms. Grisham will also be required to consent to an FDIC Order of Prohibition from Further Participation barring any future employment for and participation with any FDIC-insured financial institution.
The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation. Assistant U.S. Attorney Ann Howey prosecuted the case.