A Pendleton County grand jury has indicted a former bank president for insurance fraud and tax evasion, and indicted her two sons, to whom she allegedly funneled money.
Donna Wood, 51, of Falmouth, was acting as president and CEO of United Kentucky Bank of Falmouth when she falsified insurance applications between 2008 and 2010, according to a news release from the state police. Last week, she was indicted on three counts of committing fraudulent insurance acts, as well as willfully filing or making false tax returns from 2004 to 2010.
In August, Wood pleaded guilty to an embezzlement charge in U.S. District Court and signed an agreement with the Federal Deposit Insurance Corp. saying she would never work in banking again.
Wood admitted that she embezzled more than $2.2 million from the bank between March 2003 and Jan. 26, 2011, transferring the bank's money into the accounts of her husband and two sons, the U.S. Attorney's office said.
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Wood's sons, Richard "Tom" Wood, 32, and William Brett Wood, 28, both of Falmouth, also were indicted on one count each of receiving stolen property valued at $10,000 or more, one count each of receiving stolen property valued at $300 or more and seven counts each of willfully filing or making false tax returns from 2004 to 2010.
Richard and William Wood also gave other people large amounts of money during the period when their mother provided them with stolen funds, state police said.
Ricky Moore, 53, of Falmouth, was indicted on two counts of willfully making or filing false tax returns from 2009 and 2010; Geneva Hamilton, 71, of Falmouth was indicted on one count of willfully failing to make a tax return for 2007; and Floyd Rarrieck, 68, was indicted on two counts of willfully failing to make a tax return for 2008 and 2009.