A former bank executive in Texas faces a felony theft charge after allegedly diverting nearly $194,000 from customer accounts through unauthorized withdrawals and improper charges.
Josiah Kennedy worked as a vice president and lending officer at Citizens Bank in Abilene from February 2020 until he was fired on October 31st, 2023, reports KTXS.
Citizens Bank discovered the alleged activity after Kennedy’s firing, according to an affidavit.
The affidavit alleges that from January 2022 through October 2023, Kennedy directed employees to pull money from customer accounts, had clients billed for services they never received or withdrew funds without permission.
The money was allegedly deposited into accounts tied to Kennedy or sent by cashier’s check to P & P Services, an account the affidavit says he owned at First Financial Bank.
The affidavit also alleges he arranged a loan for another person that benefited him personally, with proceeds funding a cashier’s check to P & P Services and payments to his landscapers.
Citizens Bank estimated its loss at $193,810.90.
Court documents show the FBI contacted Abilene police about the case and that at least eight bank customers were affected, reports KTAB/KRBC.
Kennedy was booked into the Taylor County Jail on a felony theft charge and released after posting a $150,000 bond.
Kennedy previously agreed to be barred from the banking industry in a 2025 consent order with the Office of the Comptroller of the Currency, without admitting or denying wrongdoing.
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The post Former Texas Bank Vice President Accused of Siphoning $193,810 From Customer Accounts and Arranging Loan To Benefit Himself appeared first on The Daily Hodl.