Leslie Turk

Ex-Farmer's Bank CEO accused of embezzlement

by Leslie Turk

The former president and CEO of Farmer’s State Bank and Trust Co. has been indicted in federal court on embezzlement charges, The Advocate reported today. Steve J. Broussard allegedly made at least 22 transactions with unauthorized funds from the bank from 1998 to 2004. Broussard resigned from the Church Point-based bank in 2004, current President and CEO Daniel Domingue told the newspaper.

Domingue declined further comment. “The matter is now between [him] and the U.S. Attorney’s Office,” Domingue said.

The indictment was filed July 16 but was not entered into the U.S. District Court’s Web site until Tuesday. Broussard faces 14 counts of misapplication by a bank employee and officer in excess of $1,000 and eight counts for less than $1,000.

Broussard’s alleged transactions included one for $63,000 or more to “Laborer E.M.,” a $39,000 or more transaction to “Laborer F.B.,” a $41,000 or more transaction to “Laborer J.C.” and a $24,000 or more unauthorized ATM withdrawal, according to the indictment.

Others included payments for health insurance and cancer policy premiums, a loan to a city councilman, purchases for personal items and the purchase of a $1,425 bronze statue that allegedly was removed from the bank when Broussard resigned.

Broussard also faces three counts of false entry in bank records for allegedly trying to conceal “the actual nature of the expenses and make it appear the expenses related to banking business,” the indictment stated.

According to The Advocate story, those included alleged false entries for a tree removal at a bank branch for a personal expense and a bank general ledger debit ticket documented as “construction in progress” for a sound system.