(Source: David Harper Tulsa World, Okla. (MCT) — Janice Mora Adams, a former senior vice president for private banking and internal control officer of Peoples Bank, stated in court documents that she initiated fraudulent loans and accounts as part of a scheme in which she embezzled funds from May 2004 until February 2010.
Adams, 54, stipulated in her plea agreement that her conduct caused a loss to the bank of $3.05 million, although the same document indicates that a Dallas insurance company is owed most of the restitution.
The plea agreement says Peoples Bank is owed more than $270,000 – $25,000 for its deductible, $53,344 for legal services it incurred related to the matter and $195,698.54 for a forensic audit regarding Adams’ crime.
Peoples Bank uncovered the embezzlement scheme in March 2010, according to a bank news release when Adams was charged in December.
Adams pleaded guilty Tuesday to an amended charge filed Jan. 19 by the U.S. Attorney’s Office in Tulsa.
She also agreed to pay a criminal money judgment of more than $2.7 million.
The amount is meant to represent the money she misapplied, reduced by $317,289 in jewelry that she already has forfeited.
Adams also agreed to forfeit more than $24,000 in lieu of two vehicles obtained with proceeds of her crime.
Assistant U.S. Attorney Charles McLoughlin said some $2,500 obtained from the sale of Adams’ unworn clothing also will be applied toward the money judgment.
The Broken Arrow resident also pleaded guilty to five tax crimes connected to the money she embezzled but did not report on her federal income taxes.
The prosecution and defense agreed that she owes $859,474 to the Internal Revenue Service for tax years 2005 through 2009.
McLoughlin estimated that Adams – who remains free on bond – will face about 10 years in prison when she is sentenced May 31 by U.S. Chief District Judge Claire Eagan.
Although the bank’s name is spelled as two words in federal court documents, it has been known as Peoplesbank since 2003.
The bank’s December news release stated that it was fully insured and “remains financially strong and has strengthened its internal controls to (ensure) that improper activity is uncovered and stopped at the earliest possible date.”
David Harper 918-581-8359
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Source: David Harper Tulsa World, Okla. (MCT)
