GRAND RAPIDS, Mich. — A former United Bank of Michigan senior vice president has been sentenced to 41 months in prison for embezzlement and tax evasion. He is 56-year-old John Figg of Grand Rapids.
According to the Department of Justice, Figg embezzled over $870,000 from 2014-2021. At the time, he was the senior vice president of the bank, and used his access to bank records to obtain funds. One way he obtained the funds was by identifying customer accounts help by depositors who did not scrutinize their accounts, and used his access to them to remove funds. He also obtained phony loans in customer names. Figg also funneled fees normally collected by the bank in connection with loan closing costs to his own use.
This activity led to Figg generating a taxable income from 2016-2020. However, he concealed this income from his tax preparer, and underreported his taxable income.
Figg was charged with bank embezzlement in violation of Title 18, United States Code, Section 656. He was also charged with tax evasion in violation of Title 26, United States Code, Section 7201.
Figg has also been sentenced to 36 months of supervised release. He has also been ordered to pay restitution of $870,000 to United Bank of Michigan and $146,300 to the Internal Revenue Service.
“We trust our financial institutions to be wise stewards of our savings,” said U.S. Attorney for the Western District of Michigan Mark Totten. “Figg pilfered funds entrusted to him as a bank official and broke both the law and the public’s trust. He must now deal with the consequences of his embezzlement and tax evasion.”
“The IRS, along with our law enforcement partners, will vigorously pursue those who use their position of trust to victimize clients and violate the law,” said Charles Miller, Special Agent in Charge of IRS Criminal Investigation, Detroit Field Office. “Today’s sentence demonstrates the government’s determination to restore and ensure that trust.”
“Mr. Figg engaged in illegal conduct that has the potential to undermine the financial health of banks and credit unions,” said Devin J. Kowalski, Acting Special Agent in Charge of the FBI in Michigan. “Today’s sentence sends a message to any corrupt bank employee that the combined efforts of the FBI and IRS will ensure they are held fully accountable for their crimes.”
