FORMER FDIC EMPLOYEE CHARGED WITH
EMBEZZLING SAVINGS AND LOAN PENSION FUNDS
FOR IMMEDIATE RELEASE PR-73-97 (10-3-97)
Media Contact: Patrick I. Noble (202-416-2912)
FDIC Inspector General Gaston L. Gianni, Jr.,
announced today that former FDIC employee Charles Scroggins
of Rowlett, TX, was charged September 22, 1997, in U.S.
District Court for the Northern District of Texas with
embezzling over $390,000 from savings and loan pension
plans in Texas and Oklahoma.
The FDIC became the receiver and trustee of the
pension funds following the failure of financial
institutions in the two states. According to the charges,
Scroggins carried out his embezzlement scheme while
employed by the FDIC and used the funds to purchase
personal items, including a personal residence and a luxury
If convicted, Scroggins faces up to 30 years in prison
and a fine of up to $1 million.
This investigation was conducted by the FDIC's Office
of Inspector General.
Congress created the Federal Deposit Insurance Corporation in 1933 to
restore public confidence in the nation's banking system. The FDIC
insures deposits at the nation's 11,191 banks and savings associations
and it promotes the safety and soundness of these institutions by
identifying, monitoring and addressing risks to which they are exposed.
FDIC press releases and other information are available on the Internet
via the World Wide Web at www.fdic.gov/news/, and may be obtained
through the FDIC's Public Information Center, 801 17th Street, N.W.,
Room 100, Washington, D.C. 20434; phone (800) 276-6003 or (703) 562-2200).