Loan officer in South Carolina sentenced for embezzlement – NMP Skip to main content

Loan officer in South Carolina sentenced for embezzlement

Aug 19, 2010

United States Attorney Bill Nettles announced that Kimberly O. McAbee of Woodruff, S.C., has been sentenced in federal court in Greenville, S.C., for embezzling bank funds, a violation of Title 18, United States Code, Section 656. Senior United States District Judge G. Ross Anderson Jr. sentenced McAbee to 24 months' imprisonment. Evidence presented at the change of plea hearing established that from 1988 until December 2009, McAbee worked at Arthur State Bank in Woodruff, S.C. Starting in about November 2006 and continuing into December 2009, McAbee embezzled approximately $520,000 through the manipulation of home equity lines of credit (HELOCs) and mortgage loans held by family members and friends at Arthur State Bank. In an effort to hide her activities, McAbee accessed the bank’s expense and Freddie Mac accounts to move funds around to conceal the theft. McAbee’s activities were discovered on Dec. 24, 2009, by her supervisor and reported to law enforcement. The FBI investigated the matter and interviewed McAbee in February 2010. McAbee admitted to using her position with the bank to embezzle funds. She expressed regret for her actions and claimed that she intended to pay the bank back all the money. The case was investigated by agents of the Woodruff Police Department and Federal Bureau of Investigation (FBI). Assistant United States Attorney William J. Watkins, Jr. of the Greenville office handled the case. For more information, visit http://columbia.fbi.gov.  
About the author
Published
Aug 19, 2010
California Approves $25B Homebuyer Loan Program, Targeting New Construction

Proposition 37 could open new purchase lending opportunities, but financing costs and borrower qualification will determine its reach

When AI Takes Action: New Federal Framework Raises Questions

New federal banking guidance examines the risks of autonomous AI, from borrower communications to servicing transactions, with a focus on human oversight and accountability

States Tighten Mortgage Rules For Home Equity Investments

Massachusetts, Maine, and Illinois are expanding oversight of home equity financing

West Capital LO Challenges Contractor Status, Required Fees

A former originator alleges unpaid overtime, recurring tech charges, and company restrictions that he says undermine his independent-contractor status

CFPB Closes 40% Of Investigations, Keeps Mortgage Enforcement In Focus

The federal watchdog closed thousands of supervisory and investigative matters as it narrowed oversight

Midterms Loom With Mortgage Policy Changes Already In Motion

As voters head to the polls Tuesday, Washington is weighing changes to refinancing costs, loan pricing, and lending regulations