CBS 19 - The Eye of East Texas News - Former Cass County Bank vice president sentenced to federal prison
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MARSHALL - U.S. Attorney John Bales announced today that a former bank official has been sentenced to federal prison for embezzling funds.
Tracy Culp, 45, of Texarkana, pleaded guilty on June 5, 2009, to theft embezzlement by a bank employee and was sentenced to 19 months in federal prison today by U.S. District Judge T. John Ward.
According to information presented in court, from October 1, 2005 through June 6, 2007, during which time Culp was employed as the vice-president and branch manager of the Cass County Bank in Queen City, Texas, he devised a scheme to embezzle funds from the bank by creating fraudulent loans and diverting the proceeds of those loans for his personal benefit.
Culp agreed during the plea hearing that the amount of the embezzlement was $260,381.89.
Culp was indicted by a federal grand jury on Sept. 9, 2008. Culp was also ordered to pay restitution to his victims in the amount of $260,381.89.
The victims of Culp's fraudulent actions included his former employer, Cass County Bank, and bank customer, Vicky Bauer.
Culp will report to the U.S. Marshals Service on January 22, 2010, to be transported to prison and begin serving his sentence.
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