A former executive at Centennial Bank in Lubbock, Texas, is now prohibited from participating in the affairs of a federally insured financial institution under a consent agreement made public Thursday by the Federal Reserve.
The Fed said that Christopher O’Connell (“O’Connell”), a former executive vice president of the bank and chief marketing officer, agreed to the prohibition order. According to the Fed, in 2013 O’Connell allegedly submitted altered invoices to the bank’s accounts payable department to obtain reimbursements for personal expenses and used a bank-issued credit card for personal expenses, causing a loss of $69,450 to the bank.
The bank, after discovering his misconduct, separated O’Connell from employment in May 2013, the Fed said.
The Fed also noted that O’Connell has made full restitution to the bank.