OXFORD, Miss. (AP) A former bank officer must serve two years in federal
prison and repay $1.46 million to his former employer.
U.S. District Judge Glen H. Davidson on Thursday sentenced Michael Erickson,
after he pleaded guilty in October to one count of embezzlement by a bank
officer.
The 42-year-old Ridgeland resident was formerly Clarksdale-area president of
Southern Bancorp Bank, which is based in Arkadelphia.
Erickson waived indictment and agreed to plead guilty to a charge that said he
took $25,000 from an $85,000 loan. However, northern Mississippi U.S. Attorney
Chad Lamar says Erickson was generating other fraudulent loans to give himself
and others cash.
The bank was loaned $33.8 million in federal money in 2010, part of a
nationwide bailout of banks.
Erickson must also serve three years of supervised release.
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