Michael P. Bernick, Bank Embezzlement, Pennsylvania 2006

A former bank director has been accused of embezzling a staggering $336,000 from Metropolitan Savings Bank in Pittsburgh, Pennsylvania. Michael P. Bernick, a 50-year-old resident of Pittsburgh, has been indicted by a federal grand jury on nine counts of theft, embezzlement, and misappropriation by a bank officer or employee.

According to the indictment, Bernick embezzled and misapplied bank monies and funds on nine occasions between April 19, 2005, and March 27, 2006, totaling approximately $336,000. The indictment alleges that the monetary disbursements were made in the form of checks and wire transfers.

The bank, which had deposits insured by the FDIC, was victimized by Bernick’s actions. The indictment serves as a stark reminder of the importance of ensuring the integrity of our financial institutions.

The law provides for a maximum total sentence of 30 years in prison, a fine of $1,000,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.

Assistant United States Attorney Carolyn J. Bloch is prosecuting this case on behalf of the government. The Federal Deposit Insurance Corporation and the Federal Bureau of Investigation conducted the investigation leading to the indictment in this case.

An indictment is an accusation. A defendant is presumed innocent unless and until proven guilty.

In a move that highlights the ongoing struggle to maintain trust in our financial institutions, the indictment of Michael P. Bernick serves as a stark reminder of the importance of accountability.

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