East Liverpool woman accused of $860,000 bank fraud

EAST LIVERPOOL, Ohio (WKBN) – A federal grand jury indicted an East Liverpool woman, charging her with bank fraud, according to a U.S. Attorney’s Office statement released Wednesday.

The grand jury alleged that Mary Jo Schmidbauer, 67, knowingly devised a scheme to get money from Home Savings and Loan in East Liverpool, according to U.S. Northern District of Ohio Attorney Steven Dettelbach.

Investigators allege the fraud happened from 2007 through 2013, saying that Schmidbauer received permission to manage money deposited into certain accounts at the bank. Authorities also believe she withdrew that money for her personal use and transferred it to her own accounts.

According to the indictment, Schmidbauer illegally obtained approximately $860,000 from those accounts.

The Federal Bureau of Investigation and the St. Clair Township Police Department conducted the initial investigation into the incident. The matter is being prosecuted by Assistant United States Attorney David M. Toepfer.

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