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Former Bank President Pleads Guilty to Embezzlement and Obstruction in Iowa
Davenport, IA – In a shocking turn of events, Russell Edwin Wagler, 52, of Wayland, Iowa, has entered guilty pleas to embezzlement and obstruction charges in a federal court.
According to documents filed in United States District Court, Wagler, the former president of People’s Savings Bank of Crawfordsville, Iowa, originated numerous straw loans involving existing customers at the bank between December 2002 and March 2013. The proceeds of these loans were misapplied, resulting in losses of approximately $425,977.00 for the bank.
In addition, Wagler unlawfully obtained multiple unauthorized bonuses and increased salaries between January 2008 and October 2013, suffering losses of $200,964.00 for the bank. This brings the total bank loss to $626,941.00 as a result of 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.
The proceeding was held before United States Magistrate Judge Stephen B. Jackson, Jr. The criminal case is assigned to United States District Court Judge Stephanie M. Rose. Sentencing is scheduled for September 19, 2016.
Wagler’s guilty pleas come on the heels of a long investigation into his activities as president of People’s Savings Bank. The bank suffered significant losses as a result of Wagler’s actions, which have left many wondering how such a large scheme could go undetected for so long.
The exact details of Wagler’s sentencing are still unknown, but it is clear that his actions have had far-reaching consequences for the bank and its customers.
Key Facts
- State: Iowa
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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