Ex-banker pleads guilty to embezzling $800,000

A former Dunklin County banker who made himself bank loans may be headed to prison for the theft of nearly $800,000.

Martin "Marty" Herrington, 44, of Kennett, pleaded guilty on Tuesday to embezzling money from the First National Bank of Malden, Mo.

Herrington entered the guilty plea to seven felony counts of embezzlement in federal court in Cape Girardeau before U.S. District Judge Henry E. Autrey.

Autrey has set sentencing for Dec. 3.

Herrington faces a maximum punishment of 30 years in prison and a $1 million fine on each count, for a maximum penalty of 210 years and $7 million in fines.

He was released on $50,000 bond pending sentencing.

In addition to working at area banks, Herrington farmed and was active in the community, where he was a member of various service organizations. He served on the Board of Adjustments for Kennett and was a member for eight years of the Kennett Board of Education. He was elected to a two-year unexpired term in 1995, and was subsequently reelected to two, three-year terms.

Herrington has a bachelor's degree in accounting and a master's of business administration. He spent six years in private and public accounting and 20 years in banking and finance. He has also spent 12 years teaching college courses in accounting, economics and management.

U.S. Attorney Raymond W. Gruender said between Sept. 24, 2001, and Sept. 6, 2002, Herrington, who was a loan officer for First National Bank of Malden, prepared 23 ficticious loans totaling nearly $800,000, and put the proceeds of the loans into his personal account.

Gruender praised the Federal Bureau of Investigation for its work on behalf of the court. Assistant U.S. Attorney Larry H. Ferrell handled the prosecution for the government.