Employee at National Penn Bank Accused of Misappropriating Over Four Million Dollars

February 23, 2010 - Robert Stutzman was charged today by information with bank fraud and bank embezzlement, announced United States Attorney Michael L. Levy. The information alleges that Stutzman, while an employee at National Penn Bank in Boyertown, Pennsylvania, misappropriated over four million dollars, that is approximately $4,414,538, of the bank’s money. Stutzman spent much of the embezzled funds on expensive vehicles, a vacation home, real estate, costly jewelry, paid vacations, and gifts, as well as transferred hundreds of thousands of dollars to third parties.

Information Regarding the Defendant:
Name: Robert Stutzman
Address: Pennsylvania
Year of Birth: 1947

If convicted of all charges, Stutzman faces a maximum possible sentence of 63 years' imprisonment, five years of supervised release, a $2,100,000 fine, a $300 special assessment, and restitution.

This case was investigated by the Federal Bureau of Investigation and Internal Revenue Service and is being prosecuted by Assistant United States Attorney Denise S. Wolf.