A former executive at One Bank & Trust in Little Rock, Ark., has been charged with stealing nearly $75,000 from his employer to pay off credit card bills.
Matthew Sweet was indicted in the U.S. District Court for the Eastern District of Arkansas on 30 counts of bank fraud and 30 counts of money laundering, according to a press release Tuesday from the Special Inspector General for the Troubled Asset Relief Program. His trial is scheduled for Dec. 9.
Sweet served as vice president and controller at One Bank until February 2012. Prosecutors allege that he used cashier's checks drawn on the bank's clearing account to pay his personal credit card bills between January 2009 and October 2011.
OneFinancial Corp., the holding company for One Bank & Trust, received $17.3 million in Tarp funds and has yet to repay the balance. The company has $401 million in assets.
"Tarp was designed to provide support to our nation's banks and financial system during a time of crisis, not to provide a personal bailout for bank insiders to support their spending habits," Christy Romero, the Tarp inspector general, said in the release.