Vicki Lee Grisham, Bank Embezzlement, Texas 2024

A bank CFO who embezzled more than $800,000 from First State Bank of Abernathy, Texas, has been sentenced to nearly three years in federal prison. Vicki Lee Grisham, the 52-year-old former CEO of the bank, pleaded guilty in July to a felony information charging theft, embezzlement, or misapplication by a bank officer.

According to court documents, Grisham was issued a credit card for purchasing business-related items for the bank and was responsible for paying invoices for that credit card. However, she systematically used the credit card for all manner of items and services unrelated to bank business, including vacations, restaurant meals, clothing, college tuition, and even her own personal income taxes. She did not reimburse the bank for any unauthorized charges.

On the day bank management confronted her, Grisham signed a document admitting she made unauthorized charges for the benefit of herself and her family. The bank discovered the embezzlement in March 2023.

U.S. Attorney for the Northern District of Texas Leigha Simonton announced the sentencing. Grisham was sentenced to 33 months in federal prison by U.S. District Judge James Wesley Hendrix, who also ordered her to pay $800,755.63 in restitution to the bank’s insurer and to serve five years of supervised release after completing her sentence.

Under the terms of her plea agreement, Grisham will also be required to consent to an FDIC Order of Prohibition from Further Participation, barring any future employment for and participation with any FDIC-insured financial institution. The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation, with Assistant U.S. Attorney Ann Howey prosecuting the case.

Grisham’s sentence is a significant blow to the former bank CEO, who will now face time behind bars for her crimes. The case serves as a reminder of the importance of accountability in financial institutions and the serious consequences of embezzlement.

The sentencing of Grisham is a major development in the case, and it is hoped that it will serve as a deterrent to others who may be tempted to engage in similar activities.

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