KeyBank Exec Charged With Embezzling $29M

Law360, New York (November 14, 2006, 12:00 AM EST) -- A KeyBank vice president was arrested Saturday and charged with embezzling $29 million from the Cleveland, Ohio banking company, the Federal Bureau of Investigation said.

David Francis Verhotz was arrested at Cleveland Hopkins International Airport after he got off a flight from Dallas.

Verhotz was senior vice president of global trade services, which is a unit of KeyBank’s global treasury management.

As such, Verhotz was in charge of KeyBank’s international banking and had access to foreign bank accounts with foreign banks, according to Scott T. Wilson,...
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