Ex-Bank CEO Overby Accused of $1.5M Fraud

WAUPACA, WI – Archie G. Overby, 70, formerly of Waupaca, Wisconsin, and now residing in Plano, Texas, is facing serious federal charges after a grand jury indictment revealed a brazen scheme to fleece First National Bank out of over $1.5 million. The indictment, handed down May 7, 2019, in the Eastern District of Wisconsin, accuses the former bank president, CEO, and Chairman of the Board of a calculated campaign of personal enrichment at the bank’s expense.

United States Attorney Matthew D. Krueger announced the 13-count indictment, detailing charges of bank fraud, a violation of Title 18, United States Code, Section 1344, and misapplication of bank funds by a bank officer, a violation of Title 18, United States Code, Section 656. If convicted on all counts, Overby could face a staggering maximum sentence of 30 years in prison and a $1,000,000 fine per count. That’s a potential penalty of $13 million.

According to the indictment, between 2010 and 2013, Overby treated First National Bank like his personal piggy bank. He allegedly expensed lavish personal travel and entertainment – for himself, his family, and a rotating cast of friends – directly to the bank. The trips weren’t quick business jaunts, either. The indictment details excursions to exotic locales like Tanzania, the Cayman Islands, and St. Maarten, alongside stays at high-end hotels and resorts scattered across California, Texas, Florida, and North Carolina. This wasn’t a few thousand here and there; the alleged personal travel spree exceeded $1.2 million.

But Overby didn’t stop at simply racking up travel bills. The indictment further alleges he strong-armed the bank into providing an additional $320,930 to cover the taxes on the ill-gotten proceeds – essentially using bank funds to pay the IRS on money he stole from the bank. This demonstrates a level of calculated audacity rarely seen even in white-collar crime.

The investigation was a joint effort, spearheaded by Special Agents from the Federal Deposit Insurance Corporation Office of Inspector General and the United States Treasury Office of Inspector General. These agencies painstakingly pieced together the evidence of Overby’s alleged misconduct, uncovering a pattern of abuse of power and disregard for the bank’s financial well-being.

Assistant United States Attorney Carol L. Kraft is prosecuting the case. This prosecution sends a clear message: no matter your position, abusing the public trust and stealing from financial institutions will be met with the full force of federal law. The Grimy Times will continue to follow this case as it unfolds, bringing you the latest developments in this shocking display of alleged greed and corruption.