Former bank branch manager pleads guilty to money laundering
BOUNTIFUL, Utah (AP) — A former manager of a bank branch in Bountiful has admitted embezzling more than $565,000 to buy a house.
The Standard-Examiner newspaper reports that 33-year-old Daniel Scott Frischknecht pleaded guilty Wednesday to money laundering, a crime punishable by up to 10 years in prison, three years of probation and a fine of $250,000.
However, federal prosecutors agreed in a plea bargain to recommend punishment on the low end of sentencing guidelines for Frischknecht.
He appeared Wednesday in U.S. District Court in Salt Lake City and is scheduled to be sentenced April 25.
Frischknecht’s diversions of Zions Bank and customer money were discovered after Frischknecht tried to conceal a transaction with a false general ledger entry.
The bank says it has recovered all the money from Frischknecht.