Tampa, Florida, resident Michael L. Johnson, 56, pleaded guilty to misappropriation of bank funds and embezzlement in a federal court.
Johnson, a former Senior Vice President/Special Assets Officer at American Momentum Bank, is facing a maximum penalty of 30 years in federal prison for his crimes.
According to the plea agreement and court proceedings, Johnson was responsible for marketing and selling bank-owned properties to investors in order to remove these troubled assets from the bank’s balance sheet. However, Johnson devised a scheme to misapply and embezzle funds provided by American Momentum Bank between June 2012 and November 2014.
Johnson would set up closings with real estate settlement agents, then contact them to order additions and/or changes to the disbursement side of the HUD-1. After closing, funds provided by American Momentum Bank were directed to bank accounts controlled by Johnson’s family members.
The case was investigated by the United States Secret Service, the Tampa Police Department, and the Federal Housing Finance Agency – Office of Inspector General. It is being prosecuted by Special Assistant United States Attorney Chris Poor.
Johnson, a resident of Odessa, Florida, is currently facing the maximum penalty of 30 years in federal prison. The exact date of sentencing has not been released.
This incident highlights the need for stricter regulations and oversight in the banking industry to prevent similar embezzlement schemes.
Related Federal Cases
- Michael Ruksenas, Embezzlement, Ohio 2013 · Florida
- Michael Mendoza, Conspiracy to Commit Health Care Fraud, Florida 2014 · Florida
- Michael Virgile, Wire Fraud, Florida 2014 · Florida
- Gloria Nereida Valle-Clas, Federal Embezzlement, Florida 2003 · Florida
- Mark David Johnson, Mail Fraud, Florida 2015 · Florida
Key Facts
- State: Florida
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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