Former Geneseo bank executive pleads guilty to embezzlement

Farmer's National Bank, Geneseo Branch. Photo courtesy

ROCK ISLAND, Illinois – The former vice president and trust officer at Farmers National Bank in Geneseo, Illinois, has admitted to embezzling nearly $500,000 from the bank.

Appearing before U.S. District Judge Sara Darrow, Paul Lindsey, 70, waived indictment and pled guilty to bank embezzlement on Feburary 7, 2018.

In court, Lindsey admitted that from about September 2008 until July 2016, he embezzled the money for his own personal use.

He would transfer money from customers’ accounts to his own self-directed IRA while in the role as the head of the banks’s trust department.

Lindsey also told that at least one of the customers he targeted qualified as a “vulnerable victim”.

A press release from the U.S. Attorney’s office says the Farmers National Bank cooperated fully with FBI agents during the investigation.

Lindsay is currently out on bond awaiting sentencing. The sentencing will take place on June 7, 2018.

Lindsey faces a maximum possible penalty of up to 30 years in prison, and a fine up to $1 Million, and a term of up to 5 years of supervised release.

The defendant may also be ordered to make full restitution to the bank.