Former Bank CEO Charged With Embezzlement

By: AP
By: AP

The FBI says a former vice president at KeyBank has been charged with embezzling $29 million from the Cleveland-based banking company.

Fifty-six-year-old David Verhotz was responsible for managing accounts for foreign banks whose customers did business in the United States. An affidavit filed by the FBI says he took out loans in the names of three European banks and put the money in his accounts.

KeyBank is owned by KeyCorp, which has more than 900 branches across 13 states, including Colorado.

Verhotz is being represented by a federal defender but he didn't have any comment after his initial court appearance today.

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