Ex-Bank Exec Admits to Embezzling $1M
Published at 9:34 AM EDT on Aug 13, 2010 | Updated at 9:45 AM EDT on Aug 13, 2010
The former vice president of Castle Bank and Trust embezzled more than $1 million from the bank to gamble and pay his mortgage, credit card bills and car payments.
Robert Nixon, 48, of East Haven pleaded guilty on Thursday to income tax evasion and the charge of theft, embezzlement or misapplication by a bank officer.
Nixon embezzled almost $1,040,000 over eight years from Castle Bank and Trust, which was acquired by Naugatuck Savings Bank, according to U.S. Attorney David Fein.
Nixon also used his position to make false computer entries to hide the fraud, Fein said.
Nixon will be sentenced on Oct. 25. His attorney didn't immediately return a message the Associated Press left on Friday morning.
Copyright Associated Press / NBC Connecticut