A former CFO of a small-town West Texas bank was sentenced to nearly three years in federal prison for embezzling more than $800,000, announced U.S. Attorney for the Northern District of Texas Leigha Simonton.
Vicki Lee Grisham, 52, who served as the Chief Financial Officer of First State Bank of Abernathy, pleaded guilty in July to theft, embezzlement, or misapplication by a bank officer. On Thursday, U.S. District Judge James Wesley Hendrix sentenced her to 33 months in federal prison, ordered her to pay $800,755.63 in restitution to the bank’s insurer, and imposed five years of supervised release following her prison term.
Court documents revealed that Grisham misused a bank-issued credit card, intended for business expenses, to fund personal expenditures. Between March 2023 and earlier, she charged vacations, restaurant meals, clothing, college tuition, and even her own income taxes to the card without reimbursement.
Grisham admitted to the unauthorized charges in a written statement on the day she was confronted by bank management, acknowledging that the funds had been used for personal and family benefit.
As part of her plea agreement, Grisham will also be subject to an FDIC Order of Prohibition, barring her from future employment with or participation in any FDIC-insured financial institution.
The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation, and Assistant U.S. Attorney Ann Howey prosecuted the case.
