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A federal grand jury has indicted Ronald Kiser, a former credit specialist for G.E. Consumer Finance, with bank fraud for diverting $465,000 worth of checks into his mother’s bank account. Kiser, 40, handled the Lowe’s account for G.E.
According to the indictment, announced May 19 by U.S. Attorney Barry Grissom in Kansas City, Kan., the alleged crimes occurred in 2009 and 2010. Kiser’s duties included mailing checks to businesses that had a credit with Lowe’s, and when a check was returned to G.E. Finance because the business no longer existed, Kiser was supposed to shred the check and record the information in a spreadsheet.
Investigators claim that instead of shredding checks, Kiser arranged for the checks to be changed to his mother’s name and addressed to her home in Michigan. He then cashed the checks or deposited the checks into a checking account he held jointly with his mother. He used ATMs in Kansas, Missouri and Michigan to withdraw the stolen funds, prosecutors said.
If convicted, Kiser faces a maximum penalty of 30 years in federal prison and a fine up to $1 million. The U.S. Secret Service was the investigative agency, according to the press release.