WACO (September 3, 2014) A former bank officer was sentenced to federal prison Wednesday in U.S. District Court in Waco for embezzling tens of thousands of dollars through loans based on fraudulent documentation.
U.S. District Judge sentenced Cory Cole, 34, of Itasca, to 30 months in federal prison followed by five years on supervised released and ordered him to pay a $50,000 fine.
Cole pleaded guilty on July 3 to one count of theft or embezzlement by a bank employee, admitting that beginning in January 3013, while service as a vice president of Citizens State Bank in Itasca, he stole bank funds by approving more than 20 loans based on fraudulent documentation that he created.
On Tuesday he paid $175,000 in restitution to the bank, prosecutors said.
Cole remained free on bond Wednesday evening waiting notification about when and where he’ll begin to serve the sentence.