Posted: Aug 11, 2011 8:56 AM by Lauren Wilson & AP
AMITE, La. (AP) - A former Hammond bank employee has pleaded no contest to a charge of felony theft in connection with the diversion of funds that should have gone to people who had made early cancellations of insurance policies.
District Attorney Scott M. Perrilloux tells The Advocate 53-year-old Clarence E. Zahn Jr. diverted about $180,000 for personal use.
Assistant District Attorney Don Wall says Zahn, who also raised cattle, used the diverted money to buy feed, fencing, bull semen and other items related to his farm.
On Wednesday, District Judge Robert Morrison ordered Zahn to make restitution and fined him $2,500.
Morrison also gave Zahn a five-year suspended sentence, placed him on probation for five years and ordered him to sign an agreement that he will never work for another financial institution.