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Bank Exec Embezzled Over $48 Million

5 September 2003

TOLEDO, Ohio – As reported by the Associated Press: "A small-town bank executive who admitted that he embezzled $48.7 million and invested nearly all of it in gambling boats in Florida and South Carolina faces a likely sentence of 11 to 14 years in prison.

"Mark Miller was scheduled to be sentenced Friday in U.S. District Court. He pleaded guilty in May to charges of embezzling and money laundering.

"The former chief executive officer of Oakwood Deposit Bank Co. sent about $40 million to Stardancer Casino Cruises, which operated gambling boats in Florida in Madeira Beach, Tarpon Springs and Port Richey and in Little River, S.C.

"…The deal also requires Miller to give up most of the property, including all of the casino properties, acquired with the money he stole from the bank.

"…The Federal Deposit Insurance Corp. seized and closed the bank's two branches in Oakwood and nearby Grover Hill that month.

"The collapse of Oakwood's only bank, which stood since 1905 and weathered droughts and the Depression, stunned and saddened folks in northwest Ohio's farmbelt…"

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