LUBBOCK, TX — A former bank CEO in Abernathy has been sentenced to nearly three years in federal prison after embezzling more than $800,000 from her bank.
According to the U.S. Attorney's Office, Northern District of Texas, Vicki Lee Grisham, 52, was sentenced on Thursday, December 19, to 33 months in prison and five years of supervised release.
Grisham, the CEO of First State Bank in Abernathy, Texas, pleaded guilty in July to a felony information charging theft, embezzlement, or misapplication by a bank officer. She must also pay back $800,755.63 in restitution to the bank’s insurance company.
According to court documents, Grisham had a credit card issued by First State Bank for business-related expenses. However, in March 2023, the bank found out that she had been using the card for personal expenses, such as vacations, meals, clothing, college tuition, and to pay her personal taxes. She did not reimburse the bank for any of the unauthorized charges.
When bank officials confronted her, Grisham admitted to making the charges to benefit herself and her family.
Grisham is also barred from working for or being involved with any FDIC-insured financial institution as part of her plea deal.
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