Sammy Sims, 61, of West Covina was also ordered to pay $306,849 in restitution.
A former downtown Los Angeles bank executive was sentenced on Friday, June 7, to three years in prison for embezzlement of his employer’s funds, with authorities saying the amount was for more than $700,000.
The Chinatown-based Eastern International Bank hired Sims in September 2017 as CFO. Sims agreed that he would not use the bank’s confidential information for his personal benefit or for others’. In April 2019, Sims sent about $14,161 in bank funds to a debt-collection agency to help pay off a debt he had incurred. Sims hid the transaction by creating a false entry in the bank’s general ledger that stated the payment was for data processing software, prosecutors said.
From February 2020 to April 2021, Sims also lied to several bank employees by telling them they had to switch their bank-funded life insurance policies because of their age, but the policies were obtained through Sims’ wife, a licensed life insurance broker who received a commission for each policy she sold, prosecutors said.
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