Former Whitaker Bank president sentenced to year in prison after embezzlement plea
A former president of Whitaker Bank has been sentenced to a year in federal prison after pleading guilty to embezzlement in federal court.
In a September guilty plea, 59-year-old Thomas Hinkebein admitted to misusing bank assets between Jan. 12, 2016, and Aug. 13, 2018, according to the U.S. Attorney for the Eastern District of Kentucky. Hinkebein admitted to stealing golf carts and other items from the Andover Country Club, which was owned by Whitaker Bank.
Hinkebein also admitted to using bank assets to cover personal expenses like cell phone plans, gym memberships, vehicle repairs, items for his family and landscaping at his home, according to the announcement. He falsely reported expenses to hide the misused funds.
Hinkebein will be required to pay a $5,500 fine as well as $50,729.56 in restitution, according to the U.S. Attorney’s Office.
By law, Hinkebein will have to serve at least 85 percent of his year-long prison sentence. Once he’s released, he will be supervised for three years by the U.S. Probation Office.
Hinkebein was sentenced by U.S. District Chief Judge Danny C. Reeves. He could have faced a maximum of 30 years in prison and a fine of up to $1 million.
Whitaker Bank has a main office in Lexington and dozens of branches spread through 12 Kentucky counties.
The investigation was conducted by the FDIC and the Federal Reserve, and Assistant U.S. Attorney Kate K. Smith prosecuted the case.
This story was originally published December 10, 2020 at 10:25 AM.
