Another Bank of Ephraim Employee Sentenced for Embezzlement

Another Bank of Ephraim Employee Sentenced for Embezzlement

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SALT LAKE CITY (AP) -- A third employee of the Bank of Ephraim has been sentenced for embezzlement.

Authorities say Laurie Ludvigson's thefts long went unnoticed, because the head cashier was altering the books to conceal his own embezzlement.

U-S District Judge Ted Stewart sentenced Ludvigson on Wednesday to 27 months in prison for bank fraud and ordered her to pay 304-thousand, 617 dollars in restitution.

In June 2004, the Utah Department of Financial Institutions declared the Bank of Ephraim insolvent and Far West Bank of Provo took over its deposits. Authorities said as much as five (M)million dollars was missing, a factor in the first Utah bank failure since 1988.

Another factor was (M)millions of dollars in bad loans to the Colorado City-Hildale polygamist community.

In March, Randy Kay McArthur of Mount Pleasant was sentenced to a little more than seven years in prison. Fifty-one-year-old Dean Johnson of West Jordan was sentenced to three one-half years.

(Copyright 2005 by The Associated Press. All Rights Reserved.)

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