GRAND RAPIDS, Mich. (WOOD) — An executive has admitted to stealing hundreds of thousands of dollars from United Bank of Michigan.
John Figg, 56, of Grand Rapids, pleaded guilty Monday to federal charges of embezzlement by a bank employee and tax evasion.
Federal investigators say Figg used his role as a senior vice president at United Bank, which is based in Grand Rapids, to embezzle about $870,000 between 2014 and 2021. They say he used clients’ names to take out loans and pocketed the cash or took loan closing fees that the bank normally collects for himself. Other times, he simply withdrew money out of clients’ accounts without their knowledge.
He also didn’t claim the stolen money on his taxes, which means the federal government could also charge him with tax evasion.
Sentencing has yet to be scheduled. The embezzlement charge carries a punishment of up to 30 years in prison and the tax evasion charge up to five years.