Former Clarksdale bank officer sentenced after pleading guilty to embezzlement charge
CLARKSDALE, Miss. — A former Mississippi bank officer was sentenced this week after pleading guilty to charges of embezzlement.
According to the Department of Justice, Southern Bancorp Bank in Clarksdale was one of the institutions that received money through the U.S. Department of the Treasury’s Community Development Capital Initiative, which specifically served “low- and moderate income, minority and other undeserved communities” during the uncertainty of the financial crisis.
Southern Bancorp Bank reportedly received more than $33 million to help it thrive.
It was around that time that authorities say Michael Erickson, 42, used his position as a bank officer to embezzle funds for himself. He even allegedly obtained fraudulent loads for himself and others.
It’s unclear exactly how much he embezzled, but as part of his plea deal he was ordered to pay $1.4 million in restitution to the bank. Erickson was also sentenced to two years in prison followed by three years of supervised release.
The Department of Justice did not release a photo of Erickson.