A South Dakota banker, who pleaded guilty to embezzlement in April of more than $26,000 has been prohibited from further service at financial institutions, the Federal Reserve said Thursday.
The Fed said Nicholas Leroy Klug, a former employee of Dacotah Bank in Aberdeen, S.D., was convicted April 22 (following his guilty plea) by a North Dakota court of theft of property in misappropriating $26,428.57 from the bank between December 2023 and November 2024 while Klug was the market retail lead of a Dacotah Bank branch.
The Fed noted that Klug’s imprisonment was suspended and he was required to make full restitution to the bank.
He signed a consent order for the prohibition, the Fed said.
Federal Reserve Board issues enforcement action with former employee of Dacotah Bank
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