Former bank president, Jackie Poulsen of Ericson, Nebraska, has been sentenced to 18 months in prison for bank fraud. Poulsen was found guilty of advancing loans in excessive amounts and manipulating data, leading to the loss of $815,000. He was also ordered to pay restitution and will have five years of supervised release following his term.
Poulsen served as the president of Ericson State Bank from 2010 to 2019 and was responsible for overseeing all of the bank’s affairs. The Nebraska Department of Banking and Finance discovered that the bank had deteriorated significantly under Poulsen’s leadership, due to operating without regard for laws and regulations.
An investigation revealed that Poulsen had violated Nebraska statutory lending limits for many loans and had covered up overdrafts that violated the law. He had approved loans in excessive amounts and manipulated data to try to hide unlawful practices. Court documentation shows a total loss of $815,000 from the bank.
United States Attorney Susan Lehr emphasized the importance of trust in local banks and stated that bank officials should not be allowed to abuse that trust for personal gain. The case was investigated by various law enforcement agencies, including the Federal Bureau of Investigations.
This sentencing serves as a warning to other bank officials to uphold ethical practices and prioritize the safety and trust of their customers. Poulsen’s actions have had serious consequences, highlighting the need for transparency and accountability in the banking industry.
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