Bank manager indicted on bank fraud, embezzlement charges - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Bank manager indicted on bank fraud, embezzlement charges

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An Ellington bank manager was indicted on bank fraud and embezzlement charges.

Irvin R. Eddington, Jr., 42, is accused of issuing fraudulent letters of credit while he was Vice President and Manager of the Ellington Branch of People's Community State Bank (PCSB).

Eddington was indicted by a federal grand jury on one felony count of bank fraud and one felony count of embezzlement by a bank employee.

Eddington is accused of embezzling about $49,000 by preparing and using fraudulent money orders to withdraw customer funds from February 2010 through October 2011, according to the indictment.

Between January 2004 and September 2010, Eddington is accused of creating and issuing numerous unsecured irrevocable letters of credit backed by PCSB to his personal associates without the knowledge or approval of the PCSB Board of Directors. One of those letters of credit that Eddington is accused of issuing was to one of his associates in the amount of $507,035.

He is expected to appear in federal court next week.

If convicted, each count of the indictment carries a maximum penalty of 30 years in prison and/or fines up to $1,000,000.

This case was investigated by Federal Deposit Insurance Corporation Office of Inspector General, U.S. Postal Inspectors, U.S. Department of Agriculture Office of Inspector General, U.S. Secret Service, Federal Housing Finance Agency Office of Inspector General. Assistant United States Attorney Stephen Casey is handling the case for the U.S. Attorney's Office.

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