Ex-Iowa banker pleads guilty in $6M embezzlement

CEDAR RAPIDS, Iowa (AP) — A former cashier at Iowa State Bank in Clarksville has pleaded guilty to stealing nearly $6 million from the bank over the past two decades.

The U.S. attorney’s office in Cedar Rapids says 48-year-old George Powers pleaded guilty on Friday to one count of embezzlement from a bank and one count of aggravated theft. He faces up to 32 years in prison. No sentencing date is set.

Prosecutors say he stole the money between 1991 and 2010 by opening several accounts, altering bank records and fabricating bank documents.

An examination in May revealed discrepancies in the bank’s general ledger. Powers was placed on administrative leave and resigned the next day.

The bank, which has sued Powers, has said no customer accounts were affected.