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Retired farmer sues Sioux Falls bank over stolen funds

October 25, 2017

SIOUX FALLS, S.D. (AP) — An elderly Iowa man is suing First National Bank in Sioux Falls claiming its employees set up an account that enabled a relative to raid his annuity.

Ninety-four-year-old Harold Wittrock, of Rock Rapids, says a relative established an account by forging Wittrock’s signature at the First National Bank and began withdrawing funds beginning in 2009.

The Argus Leader reports the lawsuit says the withdrawals, totaling nearly $640,000, continued until last December. The retired farmer checked on his account in March and learned the annuity was only worth about $5,000. The lawsuit says the bank was replaced $310,000, but had the unauthorized withdrawals not been made, the annuity would be worth more than $800,000.

First National CEO Bill Baker says he could not comment on pending litigation. The case has been turned over to the FBI.


Information from: Argus Leader, http://www.argusleader.com

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