SACRAMENTO—United States Attorney Benjamin B. Wagner announced that Stephen Marich, 43, of Ely, Nevada, pleaded guilty today before United States District Judge Kent J. Dawson in federal court in Las Vegas to embezzling at least $3.7 million from the First National Bank of Ely over about 10 years.

Upon discovering Marich’s activity, the Bank of Ely promptly reported it to law enforcement and followed up with a thorough internal investigation.

The case was extensively investigated by the FBI. They have determined that Marich acted alone. This case is being prosecuted by Eastern District of California Assistant United States Attorney Matthew D. Segal.

According to the plea agreement, from the mid-1990s until about December 7, 2009, Marich was an employee of the First National Bank of Ely, most recently as a vice president. Marich admitted using his control over a treasury bill account to steal at least $3.7. He used the funds for his personal benefit and also to make transfers to offshore online gambling enterprises. According to public accounts, Marich was an Ely city councilman until he resigned during this investigation.

Marich is scheduled to be sentenced on May 11, 2011 at 2:00 p.m. The maximum statutory penalty for an embezzlement of more than $1 million by a bank employee is 30 years in prison. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.