May 24, 2019

Fraud Friday — Bank CEO Charged with $1.2 Million Expense Account Fraud

By Bob Coleman
Editor, Fraud Friday

Seventy year-0ld retired Wisconsin banker, Archie Overby has been indicted for padding his expense account.

The feds allege the former CEO and Chairman of the Board of First National Bank in Waupaca, Wisconsin, defrauded the bank by expensing the bank for luxurious personal travel and entertainment for himself, his family, and various friends between 2010 and 2013.

Among the trips that he is alleged to have taken at bank expense are trips to Tanzania, the Cayman Islands and St. Maarten, as well as to luxury hotels and resorts in California, Texas, Florida, and North Carolina.

The indictment alleges that this personal travel exceeded $1.2 million dollars and that he caused the bank to provide him with an additional $320,930 to cover taxes on the ill-gotten proceeds.