COVINGTON, KY (FOX19) - The former president and chief executive officer of a Falmouth, Ky. bank has admitted that she embezzled more than $2 million from the bank.
Donna J. Wood, 50, pleaded guilty Monday in federal court to an embezzlement charge and admitted that from March of 2003 until January 26 of this year she embezzled $2,244,506.44 from United Kentucky Bank.
Wood also signed an agreement with the Federal Deposit Insurance Corporation which stipulates that she will never work in banking again.
According to the plea agreement, Wood transferred money belonging to the bank into accounts owned by her husband and her two sons. Wood then falsified bank records to conceal her criminal conduct from auditors.
Wood worked as the bank president for two years. Prior to that she had worked as the bank's vice president since the bank opened in 1992.
Wood faces a maximum penalty of 30 years in prison when she is sentenced.