Former Bank Vice President Indicted for Embezzling $559,040 and Laundering Stolen Funds
Davenport, IA - United States Attorney Matthew G. Whitaker announced that following an investigation by the Federal Bureau of Investigation and the Johnson County Sheriff’s Office, a federal grand jury in Davenport returned an indictment in United States District Court, Southern District of Iowa, charging Steven Francis Sueppel, age 42, of Johnson County, with one count of embezzlement of bank funds by a bank officer and six counts of money laundering to conceal the embezzled funds.
The indictment alleges that starting on July 26, 2000, and continuing to September 12, 2007, Sueppel, formerly Vice President and Controller at Hills Bank & Trust in Johnson County, embezzled bank funds and subsequently conducted financial transactions to launder the stolen funds. No customer accounts were impacted by the thefts.The indictment also seeks forfeiture of $559,040, the amount allegedly stolen by Sueppel.
The public is reminded that these charges are merely accusations and the defendant is presumed innocent until proven guilty.