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RAPIDS MAN ACCUSED OF EMBEZZLEMENT
Thursday, July 16th, 2009 -- 3:04 pm
Posted by Riley Hebert-News Director
 A Wisconsin Rapids man faces 600 years in prison after being indicted by a federal grand jury on 20 counts of embezzlement.
David Henke of Wisconsin Rapids is accused of bank fraud and embezzlement.
The indictment alleges that Henke, as President of the Rapids Municipal Credit Union, embezzled approximately $634,000 from RMCU over a period from approximately nine years.
Henke allegedly made false entries into the general ledger accounts of the credit union; by adding unauthorized loan amounts to credit union members’ new and existing loans without their knowledge; by converting to his own use certificates of deposit held in the names of members; and by issuing RMCU checks without authorization to pay personal expenses.
As part of the investigation the FBI executed a seizure warrant and seized approximately $84,600 from an investment account held by Henke.
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