Oklahoma City, Oklahoma – John C. Richter, United States Attorney for the Western District of Oklahoma, announced today that CRISS L. McGINTY, 51, of Glencoe, Oklahoma, has pled guilty to embezzlement and misapplication of bank funds.


Until May 7th of this year, McGinty was a director, shareholder, and Executive Vice President of Glencoe State Bank, which maintains deposits insured by the Federal Deposit Insurance Corporation.  On May 6, 2009, a federal grand jury returned a four-count indictment against McGinty for using his position at the bank to transfer over $500,000 from a customer account to a personal account in the name of “McGinty House” to pay for the construction of his personal residence and other personal expenses.  Based on these allegations, Count One of the indictment charged him with embezzlement and misapplication of bank funds from December 8, 2006, to December 24, 2008, when the customer’s account was overdrawn and had no funds.  The indictment also alleged that McGinty approved overdrafts from the customer’s account and therefore was effectively approving hundreds of thousands of dollars of loans from the bank to himself.

On February 12, 2009, the FDIC began a Safety and Soundness Examination of Glencoe State Bank.  Counts Two and Three of the indictment charged McGinty with altering two bank account statements by removing references to transfers from the customer’s account to the “McGinty House” account and then providing these false statements to bank examiners on March 6, 2009.  Count Four charged him with obstructing an FDIC examination by providing a third false bank account statement to the examiners on the same day.

Today McGinty pled guilty to embezzlement and misapplication of bank funds and admitted that he used more than $500,000 in funds from an overdrafted account without the permission of the bank.  Pursuant to a plea agreement, the government will dismiss Counts Two through Four when McGinty is sentenced.

McGinty faces a potential penalty of thirty years in federal prison and a fine of $1,000,000.  He has agreed to forfeit $536,995, including his residence in Glencoe, as proceeds of the embezzlement and misapplication.