Columbia, SC - COLUMBIA, SC (WMBF) - A 44-year-old Woodruff woman admitted in federal court Tuesday to embezzling $520,000 from the bank at which she worked.
Kimberly O. McAbee pleaded guilty to embezzlement of bank funds. She faces $1 million in fines and 30 years in prison. She will be sentenced at a later date.
Beginning in November 2006 and through December 2009, McAbee embezzled $520,000 from Arthur State Bank in Woodruff by manipulating home equity lines of credit and mortgage loans held by family and friends at the bank. In an effort to conceal the embezzlement, McAbee accessed the bank's expense and Freddie Mac accounts to move funds.
McAbee's supervisor discovered the crime in December and alerted law enforcement officials. During an FBI investigation, McAbee admitted to the embezzlement, and expressed regret. She said at the time she intended to pay back all of the money.