Former Fayette Bank Employee Pleads Guilty to $2.4 Million Embezzlement Scheme
A Higbee woman pleaded guilty in federal court Thursday to stealing nearly $2.4 million from customers' accounts at Exchange Bank of Missouri during a 15-year-long embezzlement scheme.
According to a news release from the US Attorney's office, Western District of Missouri, 36-year-old Megan Lea Dougherty worked at the Fayette branch of Exchange Bank of Missouri and admitted to exploiting a lack of internal controls to embezzle money from customer accounts between January 1, 2009, and October 17, 2023.
Prosecutors said the scheme involved transferring funds from customer accounts into Dougherty's own accounts or those of her family members.
Dougherty admitted to falsifying bank records to conceal the thefts and rotated targeted accounts to avoid detection.
Records revealed Dougherty targeted over a dozen victims, though some were reimbursed. Dougherty admitted to investigators that she targeted customers who knew and trusted her.
The total stolen amount is estimated at $2,393,288. As part of the plea agreement, Dougherty will forfeit nine parcels of real estate in Howard County, and is ordered to pay all stolen money.
Dougherty faces a maximum sentence of 30 years in federal prison without parole. Sentencing will be determined by the court, based on federal sentencing guidelines and other factors.
The case is being prosecuted by Assistant U.S. Attorney Melissa A. Pierce, and investigated by the FBI.
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