The former vice president of a bank in Kent is facing multiple federal charges after he allegedly defrauded his employer out of at least $160,000 and demanded bribed in return for approving loans.
U.S. Prosecutors claim 43-year-old Steven P. McDonald took out a $225,000 loan from Hometown Bank in the name of a friend without that person's knowledge. While he paid some of it back, his employer still lost more than two-thirds of that money.
In addition, McDonald also allegedly solicited financial bribes from bank customers in exchange for loan approvals, pocketing nearly $250,000 in the process. Officials also accuse McDonald of falsifying bank records and failing to pay taxes on the money he received from the scheme.
McDonald currently faces 18 charges, including bank fraud, receipt of a bribe by a bank official, and filing false tax returns. The case remains under FBI investigation.