Former Federal Deposit Insurance Corp. employee Charles Scroggins has been charged with embezzling more than $390,000 from thrift pension plans in Texas and Oklahoma, the government said Friday.

The FDIC became the receiver and trustee of the pension funds after several thrifts failed in the two states during the early 1990s. According to the suit, filed Sept. 22 in U.S. District Court for the Northern District of Texas, the former FDIC liquidation specialist bought a home and a luxury automobile with the embezzled funds.

If convicted, Mr. Scroggins of Rowlett, Tex., faces up to 30 years in prison and a fine of up to $1 million, the FDIC said.

- Olaf de Senerpont Domis and Bill McConnell

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.