(Oklahoma City) - John C. Richter, United States Attorney for the Western District of Oklahoma, announced today that CRISS L. McGINTY, 51, of Glencoe, Oklahoma, has been charged by a federal grand jury with embezzlement and misapplication of bank funds, making false statements to FDIC bank examiners, and obstructing an FDIC examination.
According to the indictment, Mr. McGinty is a director, shareholder, and Executive Vice President of Glencoe State Bank, which maintains deposits insured by the Federal Deposit Insurance Corporation (FDIC). The indictment states that he used his position at the bank to transfer over $500,000 from a customer account to a personal account in the name of "McGinty House" to pay for the construction of his personal residence and other personal expenses. Count One of the indictment charges him with embezzlement and misapplication of bank funds from December 8, 2006, to December 24, 2008, when the customer's account was overdrawn and had no funds. The indictment alleges that Mr. McGinty approved overdrafts from the customer's account and therefore was effectively approving hundreds of thousands of dollars of loans from the bank to himself.
The indictment alleges that the FDIC began a Safety and Soundness Examination of Glencoe State Bank on February 12, 2009. Counts Two and Three charge Mr. McGinty with altering two bank account statements by removing references to transfers from the customer's account to the "McGinty House" account and then providing these false statements to bank examiners on March 6, 2009. Count Four charges him with obstructing an FDIC examination by providing a third false bank account statement to the examiners on the same day.
Mr. McGinty faces a potential penalty of thirty years in prison and a fine of $1,000,000 on each of the first three counts. He faces a potential penalty of five years in prison and a fine of $250,000 on the count charging obstruction of an FDIC examination. The indictment also seeks forfeiture of Mr. McGinty's residence in Glencoe, $536,995, and a boat and boat motor, all of which are alleged as proceeds of the embezzlement and misapplication.
The public is reminded that the indictment is merely an accusation and that the defendant is presumed innocent unless and until proven guilty.
These charges are the result of an investigation conducted by the Office of Inspector General of the Federal Deposit Insurance Corporation. The case is being prosecuted by Assistant U.S. Attorney Scott E. Williams.