Stephen Bradley Budner, a former employee of the Cache Bank and Trust in Greeley, has been barred by the from participating in the affairs of any insured depository institution.
Budner, 33, of Windsor, was arrested by the in July 2011 after a three-month investigation. Officials alleged that Budner, assigned to the bank’s trust department, embezzled money while administering the retirement account plans for various bank customers.
At the time of his arrest, Budner allegedly embezzled more than $258,000 from bank customers, DA investigators said.
He was charged with the theft of $20,000 or more, a class three felony, and pleaded guilty to the charge on Feb. 15. On April 9, he was sentenced to six years in prison.
Soon after his arrest, he repaid $221,000 and at sentencing was ordered to pay another $64,000.
In issuing the order, the FDIC said Budner “engaged or participated in violations, unsafe or unsound banking practices and/or breaches of fiduciary duty.”
The FDIC added that because of his actions, the bank has suffered or will probably suffer financial loss or other damage.
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or twitter.com/howardpankratz
