GRAND RAPIDS TOWNSHIP, Mich. (WOOD) — A former Grand Rapids bank employee has been accused of embezzling $700,000 before retiring.

According to court records, Kathleen Ann Matteson began working for a privately held wealth management company as its chief financial officer and operational manager in 2006. While working there, she had the authority to transfer funds to and from clients’ accounts.

In 2007, Matteson started transferring funds into a false company she created called Acme Delivery Services; wrote checks that were disguised as payroll, reimbursements and cash payments; and took funds directly from client trust accounts, the documents show.

In July 2017, the company was acquired by West Shore Bank, and Matteson began working in its trust department. Court documents show that she began to transfer funds from one trust to another to conceal prior fraudulent transactions. She also created false records to document the activity. This was not revealed when she retired on Dec. 31, 2019.

According to court documents, Matteson took $700,000 with roughly $135,000 taken while working for West Shore Bank.

Matteson is facing one count of bank fraud, two counts of theft, embezzlement and misapplication of funds by bank employee and two counts of aggravated identity theft.

She faces up to 30 years and/or a fine of $1 million.

Her next court date has not been scheduled.