Former president of well-known Ky. bank pleads guilty to embezzlement

Published: Sep. 2, 2020 at 3:28 PM EDT
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LEXINGTON, Ky. (WKYT) - According to the US Attorney’s Office, the former president of a well-known Kentucky bank had admitted in federal court to embezzling from the bank.

Thomas Hinkebein, a 59-year-old and former president of Whitaker Bank, pleaded guilty to one count of embezzlement by a bank officer.

Hinkebein admitted that between Jan. 12, 2016 and Aug. 13, 2018 and while he was the president of Whitaker Bank, he willfully misapplied assets of the bank. According to the US Attorney’s Office, he admitted stealing golf carts and other property of Andover Country Club, an asset owned by Whitaker Bank, and seeking reimbursement from Whitaker Bank for a variety of personal expenses, including cell phone plans, gym memberships, fuel purchases, vehicle repairs, technology purchases for his family members, shipping expenses, and landscaping at his home.

To hide the personal nature of these expenses, Hinkebein falsely reported many of the expenses to Whitaker Bank to make them appear to be legitimate work expenses.

Hinkebein is scheduled to be sentenced on Dec. 4, 2020 and faces up to 30 years in prison and a maximum fine of $1 million.

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