Former bank executive admits to bilking $50,000

A 20-year employee of SunTrust Bank branches in the Charlottesville area and Southwestern Virginia exploited a banking loophole to take more than $50,000 from the company, authorities said Monday.

Douglas Calvin Powell Jr., 52, of Roanoke, pleaded guilty Monday to bank fraud in Roanoke’s federal court. Powell, a former assistant vice president and regional bank operations manager for SunTrust, faces up to 30 years in prison and up to a $1 million fine when sentenced Dec. 7.

According to court records, Powell discovered that SunTrust didn’t track refunds issued to customers for safety deposit boxes. The refunds, which were tracked by ledgers, were issued to customers through checks.

Powell issued 242 fraudulent ledger debits between 2005 and 2007, court records show, to pay off his corporate credit card bills. Authorities said Powell forged the signature of other bank employees on the ledger, which requires two signatures.

Powell was issued a corporate card for business use only. Authorities discovered he had made personal purchases at Roanoke-area stores. According to court records, Powell also requested $8,355 in cash advances from the card, some of which were put in his personal checking account.

A SunTrust spokeswoman declined to comment. Powell’s phone number is unlisted.

A court document showed that SunTrust revoked Powell’s card on Dec. 12, 2007, put him on administrative leave Jan. 2, 2008, and fired him Jan. 4, 2008.