Former Bank VP Uses Created Lines of Credit to Embezzle

philly.com | 2/25/10

A former executive at a Boyertown, Berks County, bank is accused of embezzling more than $4 million from her ex-employer.

Former National Penn Bank vice president Roberta Stutzman is accused of creating lines of credit under fictitious names and transferring funds into accounts she or her relatives controlled. Prosecutors say she used the bank's computer system to erase the accrued interest on the lines of credit.

Authorities say Stutzman used the money to pay off debts and buy property and vehicles. They are seeking the forfeiture of five houses and six vehicles as part of the investigation.

Stutzman was charged with bank fraud, embezzlement and filing a false tax return on Tuesday. Her lawyer, James Polyak, says she is cooperating with authorities.

Stutzman remains free pending arraignment.