A former Sidney bank executive now says a gambling addiction drove him to steal more than a million dollars.
Matt Monheiser pleaded guilty in federal court last week to embezzling more than $1.3 million from what is now known as Points West Community Bank in Sidney.
He shared how deep the addiction became saying, “The best way I can explain it is that it consumed me as much as someone who does drugs, alcohol or smoking. Gambling took my career and almost my life away from me. I needed treatment in the worst way, but like most addicts you don’t know you need help until you hit rock bottom.”
After the embezzlement was discovered last August, Monheiser was relieved of his duties and treated at a wellness center in Virginia.
The bank has been re-paid in full, plus $136,000 in interest for a total restitution of $1.5 million according to Monheiser and the current bank president. Monheiser still faces sentencing and a likely prison term June 24.
By Dave Collins, KSID, Sidney