TCB embezzlement
I got a tip from a reader this afternoon that Twin City Bank would be meeting tomorrow with employees to pass word of a $2 million-plus embezzlement and that officials hoped to get word out before the media did. Covered up with other business, I checked in with Lance Turner at Arkansas Business, who said AB was hot on the case.
Here's the result of their work:
It's a $2.1 million loss, apparently. TCB isn't naming names, but AB says they have sources who confirm that an SEC filing about the loss, mostly covered by insurance, relates to activities of a senior vice president, Brent Geels. AB says he's been terminated.



Comments
Hey, I have a crazy idea. Let's prosecute these white collar types with equal or greater zeal than we do the guy caught with a quarter-ounce of weed.
Maybe not. Everyone knows those layabouts don't contribute to society the way this guy with the senior vice president job does.
Posted by: hugh mann
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July 8, 2008 05:24 PM
Lighten up, dude. They do slam these guys harder than they do folks caught with a dime bag. The head of Refco, which used to be the biggest futures trading company in the US, just got 16 big ones for fraud.
Posted by: gjdodger
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July 8, 2008 05:42 PM
I'm thinking more along the lines of Thomas Coughlin, dude.
Posted by: hugh mann
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July 8, 2008 05:54 PM
It would be useful to see a sentencing comparison for white collar vs street crime.
my comp is blinking out today so I won't search it.
Posted by: eLwood
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July 8, 2008 06:07 PM
I'd imagine that Home Bancshares wil have to cede the moral highground in their current advertising about how "sound and safe and sage" they are for depositors, trying to capitlaize on the recently reported miss-steps of some other local bank. Maybe, dunno, they just might want to convene the marketing committee tomorrow and consider changing that up a bit. While they were busy being all so self righteous and conservative and pruident with far sighted loan making they let their guard down inside their own vault sort fo speak.
You just have to watch those worst case scenarios when you sign off on the campaign. Wonder if Pulaski Bank will continue to run their same campaign. You know bad things come in threes and that Lousianna mojo superstition may get them to wondering.
Posted by: IABL1969
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July 8, 2008 06:44 PM
eewwwhhhh! Not good. In the top 6 of the management group and a member of the old bank.
Posted by: Goof
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July 8, 2008 07:56 PM
whats the sccop on the Geels?? anyone have any clues?
Posted by: AliJB
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July 8, 2008 08:44 PM
I'm thinking more along the lines of Thomas Coughlin, dude
Well, why didn't you say so, instead of lumping them all together as "these white-collar types"? Raging against the machine is one thing; saying a specific miscarriage of justice is the common method or resolution is another.
Posted by: gjdodger
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July 8, 2008 10:17 PM
Okay...not all white collar types should be prosecuted--only the ones who embezzle. Guys caught with a little grass should not be. Our prisons are full of the latter.
Posted by: hugh mann
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July 8, 2008 11:23 PM
you tell em Mr. Hugh Mann. didn't we read a post about an 80yo who gets 70yrs!!
What's will happen to the chenal lawyer whose house was set on fire?? the list goes on and on.
Posted by: AliJB
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July 9, 2008 05:18 AM
Steal a little and they call you a thief. Steal a lot and they make you a king. - Bob Dylan
He'll probably have to wear an ankle bracelet and watch Judge Judy all day for a few months.
Posted by: bugeyedlittlefreak
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July 9, 2008 09:13 AM
Aw, Hugh Mann, embezzelers gotta be given the chance to pay back the money to the insurance and bonding companies. Entirely appropriate that they be given probation.
In round numbers, say you made off with a measly $100,000 and got caught. What could be more appropriate than that you be given probation so long you agree to repay the money at about, oh say, $500 a month for 16 or 17 years -- which adds up to just about a hundred grand.
Now why anyone would snort and point out that in effect you got a $100,000 loan you can repay at no interest . . .
Don't you just love common sense justice?
Posted by: Doigotta
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July 9, 2008 11:37 AM