Ex-Key Bank VP Punished For $40M Theft

Law360, New York (April 20, 2007, 12:00 AM EDT) -- After confessing to his crimes in January, a former senior vice president at KeyBank NA has been sentenced to a little over eight years in prison for embezzling $40 million from the bank and using the money to fund a lavish lifestyle.

On Wednesday, U.S. District Judge John Adams of the U.S. District Court for the Northern District of Ohio ordered David Verhotz to serve 97 months in prison and pay back $18.6 million in restitution for his crimes.

Verhotz had tried to convince the court...
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