The former president of a Texas community bank was sentenced to two years in federal prison for manipulating the bank's books and embezzling money to pay her daughter's sorority dues.
Laurie Mayfield, 55, of Fredericksburg, Texas, pleaded guilty to one count of wire fraud, according to a Justice Department news release. Mayfield was also ordered to pay about $818,000 in restitution. Mayfield plans to appeal the sentence, the San Antonio Express-News reported.
While president of D'Hanis State Bank in D'Hanis, Mayfield prepared and filed false call reports in which she overstated the bank's assets by about $830,000, in an attempt to sell the bank. The $462 million-asset Vantage Bancorp in San Antonio acquired D'Hanis' parent company, Medina Bankshares, in September 2014; at the time of the sale, D'Hanis had about $46 million in assets, according to the Federal Deposit Insurance Corp.
Mayfield also admitted to embezzling more than $68,000 from the bank, some of which she used to pay sorority fees for her daughter, according to the Express-News.