Iowa Bank President Guilty of Embezzlement

Iowa Bank President Guilty of Embezzlement

Davenports, IA – In a shocking turn of events, Russell Edwin Wagler, 52, of Wayland, Iowa, has pleaded guilty to embezzling $626,941 from People’s Savings Bank of Crawfordsville, Iowa. According to documents filed in United States District Court, Wagler originated numerous straw loans involving existing customers at the bank and took the proceeds of those loans from December 2002 to March 2013.

Wagler also unlawfully obtained multiple unauthorized bonuses and increased salaries from January 2008 to October 2013, resulting in an additional $200,964 in losses for the bank. This brings the total bank loss to $626,941 as related to Wagler’s activities.

The case was investigated by the Office of Inspector General for the Federal Deposit Insurance Corporation and the Federal Bureau of Investigation. Wagler’s actions have left the community reeling and raising questions about the bank’s oversight and accountability.

The proceeding was held before United States Magistrate Judge Stephen B. Jackson, Jr. and the case is assigned to United States District Court Judge Stephanie M. Rose. Sentencing is scheduled for September 19, 2016.

Wagler’s guilty plea marks a significant milestone in the case, which has been ongoing for several years. The investigation revealed a pattern of abuse of power and embezzlement that went undetected for far too long.

The people of Iowa deserve to know that their financial institutions are safe and secure. The fact that Wagler was able to embezzle such a large sum of money is a travesty and a betrayal of the public’s trust.

As our community continues to grapple with the aftermath of this scandal, we will continue to shine a light on the facts and ensure that justice is served.