THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, August 10, 1996 TAG: 9608100258
SECTION: LOCAL PAGE: B3 EDITION: FINAL
SOURCE: BY LYNN WALTZ, STAFF WRITER
DATELINE: NORFOLK LENGTH: 43 lines
A Crestar Bank vice president admitted Friday that she had embezzled $447,500 by approving 15 loans to fictitious doctors.
The banker, Odell B. Bundick, pleaded guilty in federal court to preparing bogus loan documents for 15 non-existent doctors, then signing false names to the loans. She deposited the money into accounts she had set up in the names of the doctors and other non-existent individuals.
Bundick admitted she wrote checks or made withdrawals from automatic teller machines to get the cash. To hide the scheme, Bundick made payments on all 15 loans, paying five of them in full, totaling $45,500. The remaining 10 loans were paid down to a balance of $303,932, court papers show.
Bundick was a commercial loan officer in the professional and executive banking section of the Oyster Point branch in Newport News. She embezzled $447,500 between January 1991 and March 1996, court papers show.
Bundick remained free Friday on $25,000 bond. She faces up to 30 years in prison and a $1 million fine when she is sentenced Nov. 15, prosecutor Alan Salsbury said.
Earlier this week, another woman pleaded guilty to misapplying loan payments at the Naval Air Federal Credit Union in Norfolk. Judith Lynn Cantrell Martin, 37, of Virginia Beach, admitted that she began depositing loan payments into her personal account in 1993 when she was in trouble financially, court papers show.
Martin was a mortgage servicing manager and mortgage loan underwriter for the credit union office at 160 Newtown Road in Virginia Beach.
Martin altered the computer records of the credit union to cover her tracks. Martin admitted telling credit union members she had made their payments in advance and they should reimburse her personally.
The amount of misapplied funds total $70,000, but the actual loss to the credit union was about $30,000 to $40,000, court papers show.
Martin took the money by diverting funds, not posting payments to members' loan accounts and other means. Martin also made unauthorized loans to family members in Florida for $88,150, court papers show.
When sentenced Nov. 5, Martin faces up to 30 years in prison and a maximum $1 million fine, said prosecutor James A. Metcalfe.
KEYWORDS: EMBEZZLEMENT ARREST by CNB