Former bank CEO of Farmers Exchange Bank accused of embezzlement

MILWAUKEE — A federal grand jury has indicted a former bank executive from Neshkoro, accusing him of embezzlement from 2003 to 2014.

The indictment alleges 62-year-old Geffrey Sawtelle, as president and CEO of Farmers Exchange Bank, repeatedly gave himself bonuses without the board of directors' approval. It also says Sawtelle manipulated the bank's ledgers to conceal his purchase of a Corvette, motor home, SUVs and car racing equipment.

Sawtelle is also accused of taking out loans in the names of other people for his own use and obstructing examinations of Farmers Exchange Bank by the Federal Deposit Insurance Corp. The indictment includes 25 counts.

Messages left for Sawtelle and his Milwaukee attorney were not immediately returned.