FBI investigating reported $3.7M bank embezzlement

BILLINGS (AP) — The FBI is investigating the embezzlement of nearly $3.7 million from First Security Bank in Malta, state banking officials said.

The bank acknowledged the theft in a federal filing on June 30,

The Billings Gazette reported Tuesday.

The theft was discovered by a third-party processing company that handles First Security's in-house Visa and MasterCard accounts. Bank president Gary Howell reported the theft to the Phillips County sheriff's office on May 2, and the sheriff turned the case over to the FBI.

Montana banking commissioner Melanie Hall said such a high level of emb...