Stephen Bradley Budner, 33, a former employee of Cache Bank & Trust in Greeley, is prohibited from participating in the affairs of any insured depository financial institution under a consent agreement with the Federal Deposit Insurance Corp.
The FDIC released its July enforcement actions on Friday.
Investigators from the Weld County District Attorney?s office had arrested Budner in July 2011 on a charge of theft of $20,000 or more. According to the affidavit, Budner allegedly embezzled more than $258,000 from bank customers.
Budner worked at Cache Bank & Trust from 2002 to 2009, and was assigned to the trust department where he was tasked with administering retirement account plans for various bank customers, according to a Fox31 report on the case.
The FDIC found that Budner had ?engaged or participated in violations, unsafe or unsound banking practices, and/or breaches of fiduciary duty as an institution-affiliated party of Cache Bank & Trust,? and that because of those actions, the bank ?has suffered or will probably suffer financial loss or other damage and/or respondent received financial gain or other benefit.?
His actions ?involve personal dishonesty on the part of the respondent or demonstrate the respondent?s willful and/or continuing disregard for the safety and soundness of the bank,? the FDIC said.
The FDIC further determined that ?such violations, practices and/or breaches of fiduciary duty demonstrate the respondent?s unfitness to serve as a director, officer, person participating in the conduct of the affairs or as an institution-affiliated party of the bank, any other insured depository institution.?
Heather Draper covers banking, finance, law and the economy for the Denver Business Journal and writes for the "Finance Etc." blog. Phone: 303-803-9230.
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