Former Bank Manager Charged with Fraud in Ludlow, Kentucky
LUDLOW, Ky. – A federal indictment has accused a former bank manager in Northern Kentucky of embezzling funds from customer accounts. The charges claim that Regan France exploited his position to carry out fraudulent cash withdrawals and created forged withdrawal slips, subsequently transferring the stolen money into his personal account or those belonging to family members.
According to the indictment filed early in March, France allegedly ceased issuing escrow refund checks linked to paid-off mortgages at Home Savings Bank. Instead, he issued new checks for lesser amounts, pocketing the difference.
Home Savings Bank, which is one of only six mutual banks in Kentucky—meaning the customers actually own it—has been a staple in Ludlow since 1880.
The indictment consists of 22 counts, though it doesn’t specify the total sum believed to have been stolen. Notably, each count includes at least ten fraudulent transactions, each approximating $2,500.
The U.S. Attorney’s Office in Lexington confirmed that France had not been arrested yet, declining to provide further details.
Local business owner Paul Miller, who operates Barkus Brewing and Circus Mojo in Ludlow, stated that over $10,000 had been withdrawn from his account, with the bank informing him of the situation.
“The bank’s leadership is working to resolve the issue, but being in charge means accountability for actions within your organization,” Miller commented. “I’ve put in a lot of effort to build something here, and it’s disheartening when trust is violated, but we keep pushing forward.”
No response came from France’s attorney despite multiple attempts to reach out.
Home Savings Bank issued a statement assuring that it had fully cooperated with law enforcement and had undertaken an independent inquiry to enhance its internal controls to avert future occurrences.
“Upon noticing suspicious activities, we acted promptly and initiated a comprehensive internal investigation, which uncovered several financial thefts by previous employees,” said Home Savings Bank President Stephanie Berry. “Customer trust is our highest priority, and we regret that this incident took place. We’re dedicated to making it right for those impacted.”
The bank has reportedly identified affected customers and has fully refunded them. Berry emphasized their commitment to restoring trust and implementing measures to prevent a similar situation in the future.
“If you have questions or concerns, please contact us at (859)-431-4437 or visit our office at 202 Elm Street here in Ludlow,” she added.
France’s first appearance in federal court is scheduled for Wednesday. If found guilty on all counts, he could face over 400 years in prison and substantial fines.
