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Former Waupaca bank president pleads guilty to federal charge, will pay $1.7 million

A federal judge says Archie Overby was motivated by "greed and callous disregard for others"
Gavel on block.
Gavel on block.(Gray News)
Published: Jul. 9, 2020 at 7:22 PM CDT
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GREEN BAY, Wis. (WBAY) - A former chairman of the board for First National Bank of Waupaca was spared a prison sentence but ordered to pay almost $1.75 million in restitution and penalties for his federal crime.

Archie Overby, 71, was sentenced Wednesday in federal court in Green Bay after pleading guilty to misapplication of funds by a bank officer. Prosecutors say he spent $1.6 million in bank funds on travel, entertainment and personal expenses for himself, his family and his friends from 2010 through 2013. These included a climbing expedition to Mt. Kilimanjaro, villas in St. Maarten and spa vacations in Arizona.

According to the US Attorneys Office, Judge William Griesbach said considering Overby was “so well compensated” by his job as bank president, chief operating officer and chairman of the board, he believes Overby’s motives were “greed and callous disregard for others.”

He was ordered to pay $1.6 million in restitution and forfeit $146,023.35 to the U.S. government.

Three years ago, Overby settled a civil action by the bank’s federal regulator, the Office of the Comptroller of Currency. He was banned from working in the financial industry for life and agreed to pay $1.6 million in restitution and a $100,000 penalty. But soon after the settlement, Overby issued a statement saying he was the victim of an overzealous regulator who was out to “tarnish his reputation.” Overby said he admitted no wrongdoing and “never would.”

Those claims were undone with his plea agreement with federal prosecutors. As part of his guilty plea, Overby admitted his criminal conduct and acknowledged the regular acted properly.

A federal grand jury indicted Overby on 13 criminal counts in 2018, with each count carrying up to 30 years in prison.

Judge Griesbach said Overby’s actions called for a prison sentence, but the federal judge agreed to the prosecutors’ recommendation under the plea bargain. Griesbach cited Overby’s age, health issues, and the risk of exposure to COVID-19 in prison.

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