Becky Paddock, 51, of Glen Carbon entered a plea of guilty to bank fraud on Jan. 5.
The offense carries a total maximum statutory penalty of up to 30 years imprisonment, a fine of up to $1 million, and up to a five years supervised release. Sentencing has been scheduled for Monday, Feb. 6.
As part of the plea, Paddock admitted that from December 2002 through November 2004, while she was employed as the vice-president and cashier of the State Bank of Waterloo, she defrauded that financial institution of $323,753 in funds belonging to the bank.
Paddock spent much of the fraudulently obtained funds through gambling at local casinos.
The indictment results from an investigation conducted by the U.S. Secret Service.
The prosecution of the case is being handled by Assistant U.S. Attorney Norman R. Smith.