UPDATE 3/26/13 @ 10:10 p.m.
CHARLESTON, W.Va. (WSAZ) -- A former Charleston-based J.P. Morgan Chase Bank executive who admitted embezzling more than a half-million dollars from his employer pleaded guilty Tuesday in federal court, according to information from U.S. Attorney Booth Goodwin's office.
Mark Alan McCoy, 46, of Charleston, W.Va., pleaded guilty to embezzlement by a bank officer. McCoy was employed as the vice president of private client banking services at the bank’s Charleston branch from September 2008 until June 2012.
McCoy admitted that from Nov. 30, 2009, and continuing until April 19, 2012, during his employment at Chase Bank, he stole funds belonging to Chase Bank, from approximately nine separate personal and corporate bank clients’ accounts.
McCoy admitted that he created cashier’s checks for himself or would use the proceeds from the original cashier’s checks to create additional unauthorized checks.
McCoy further admitted that on Jan. 19, 2011, he created an unauthorized cashier’s check from a client’s corporate bank account for $59,000, with the check made payable to Moses automotive dealership.
McCoy admitted that he took the cashier’s check and purchased a Cadillac Escalade with the proceeds. Similarly, on Oct. 19, 2011, McCoy created an unauthorized cashier’s check from a client account for $22,000. McCoy caused that check to be deposited into another client’s account for payment for a 1968 Chevrolet Camaro.
In total, McCoy admitted that he took approximately $532,395.59 of monies from Chase Bank. The actual loss to Chase Bank, after accounting for funds that the defendant 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 fine of up to $1 million when he is sentenced on July 17 by U.S. District Judge Irene Berger.
Federal prosecutors say Mark McCoy, 46, of Charleston, W.Va., was a vice president of private client banking services at the bank’s Charleston branch from September 2008 until June 2012.
According to information filed Monday McCoy embezzled $59,000 on Jan. 19, 2011.
Federal prosecutors asked the court on Tuesday to schedule a plea hearing in the case.
If convicted, he faces up to 30 years in prison and a fine of up to $1 million
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