A Missouri bank manager has been indicted on charges related to the issuance of fraudulent letters of credit (L/Cs) while he was vice president and manager of the Ellington branch of People's Community State Bank (PCSB).

Irvin R. Eddington, Jr., who is 42, has already pleaded guilty to bank fraud and embezzlement charges involving issuing fraudulent L/Cs.

Fraudulent documents

The prosecution said that between January 2004 and October 2011, Eddington created and issued a number of fraudulent unsecured documents.

These included irrevocable L/Cs worth around US$1.3 million, which were issued to an associate in the name of the bank.

Sentencing set

Prosecutors say Eddington also created fraudulent PCSB money orders funded by advances from customer credit lines. He used the money orders to pay his bills.

Sentencing has been set for 20 May 2013.

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