Sam Scherch, a former vice president of the private banking division of US bank, Fifth Third Bank, faces 33 years in prison for embezzling m...

Sam Scherch, a former vice president of the private banking division of US bank, Fifth Third Bank, faces 33 years in prison for embezzling millions from client accounts. The former private banker pleaded guilty yesterday in a federal court to stealing more than $2.4 million and filing a false tax return. According to a statement from US Department of Justice, Mr Scherch created 15 fictitious loans totaling $2,478,450 between December 2000 and November 2004. He opened corresponding checking accounts for each loan, from which interest payments on the loans were automatically deducted. For some of the loans, Mr Scherch had monthly statements and other bank correspondence mailed to him in an effort to avoid detection.