Clarksville man to spend more than 10 years in prison... - KWWL - Eastern Iowa Breaking News, Weather, Closings

Clarksville man to spend more than 10 years in prison for embezzlement

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CEDAR RAPIDS (KWWL) -

A Clarksville man who pleaded guilty to embezzling millions of dollars from Iowa State Bank will spend more than 10 years in federal prison.

George Todd Powers, 48, pleaded guilty in November to one count of embezzlement and one count of aggravated identity theft for stealing nearly $6 million dollars from the bank over the course of 19 years.  He was sentenced on Wednesday.

In his plea agreement, Powers admitted the he embezzled the money from early 1991 until September 2010.  During that time, Powers was a cashier and served on the bank's board of directors.  According to court documents, Powers opened one account under a fictitious name and another using a stolen identity.  They say he also altered bank records to hide the crime.

Powers used the $5,986,781.18 he stole to make significant improvements to his house, buy a recreational vehicle, and buy a $67,000 Cadillac Escalade.  Powers agreed to forfeit the house, the recreational vehicle, and the proceeds from the sale of the Cadillac as part of the agreement.

Powers was sentenced to 121 months in prison, make $5,986,781.18 in restitution to Iowa State Bank and its fraud insurer and he must serve a 5-year term of supervised release after being released from prison. There is no parole in the federal system.

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