Ex-Bank Manager Pleads Guilty to $80K Bank Theft
Kenneth Ashbaugh, former vice president and branch manager of Star Bank in Bertha, has admitted to stealing $80,000 from the bank, Minnesota's U.S. Attorney's office said Tuesday.
Ashbaugh, 67, was charged on January 27 with one count of bank fraud. He pleaded guilty Monday in federal court in St. Paul.
In his plea agreement, Ashbaugh admitted that he stole the money from the central Minnesota bank between September 2010 and June 2011. He also admitted that, during the same period, he fraudulently obtained loans from the bank by falsely identifying the person applying for the loan or by misrepresenting the applicant's ability to repay the loan, according to the U.S. Attorney's office.
Ashbaugh faces up to 10 years in prison. U.S. District Court Judge Donovan Frank will determine his sentence at a future hearing.