March 19, 2021

Caity Roach
Editor

Fraud Friday — Bank Officer Pleads Guilty to Embezzling Over $2.3 Million 

Jordan Glen Young, a former administration officer at InvesTrust Wealth Management, has pleaded guilty to misusing his position at the bank in order to embezzle more than $2.3 million from his clients. According to court documents, Young spent the stolen funds on mortgage payments, lavish vacations, cars, and clothes. 

On February 22, 2021, Young entered a plea agreement in which he admitted to embezzling $2.3 million from his former employer by diverting client funds intended to be used by guardians for beneficiary care into his own personal checking account. To hide his scheme, Young entered false remarks in InvesTrust’s internal records, such as “to maintain minimum balance” or “paid to the beneficiary’s guardianship.”

In addition to wire fraud, Young also pleaded guilty to signing a false federal income tax return.  He admitted that on April 15, 2019, he signed a personal federal income tax return for the 2018 calendar year that he knew was false because it reported only $114,439 in total income. At the plea hearing, Young admitted that he omitted on the 2018 tax return more than $500,000 of embezzled income.

At sentencing, Young faces up to 20 years in federal prison for wire fraud and up to 3 years for filing a false tax return.  As part of the plea agreement, Young has agreed to pay restitution to InvesTrust Wealth Management in the amount of $2,323,036.91, and pay restitution to the Internal Revenue Service in the amount of $500,822.  Young’s sentencing hearing is scheduled for the end of May. 

Sources:
The Department of Justice
The Oklahoman