Misapplication of funds

BEEMER — A 59-year-old former Nickerson woman was sentenced Friday to six months in prison and a $10,000 fine after being convicted of misapplication of bank funds.

The U.S. Attorney’s office said Diane Ludwig was convicted stemming from an investigation conducted by the Federal Bureau of Investigation.

Ludwig was employed as a cashier, information technology officer and bank secrecy act officer for First Community Bank of Beemer. She also was a director and shareholder.

While working for the bank, Ludwig misapplied bank funds by transferring funds from First Community Bank’s general ledger accounts to her personal bank accounts. In a series of 56 transactions between May 2014 and May 2018, Ludwig misapplied $491,411 in bank funds. After being caught, Ludwig repaid First Community Bank $491,411.

As part of Ludwig’s conviction, she is prohibited from serving as an officer, director, employee or institution-affiliated party of a federal financial institution without approval.

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