Fifty-two-year-old Russell Wagler of Wayland was president of the People’s Savings Bank in Crawfordsville. He’s pleading guilty to taking out “numerous” loans under the names of bank customers, but pocketing the money himself. The total on the loan scam was $425,000. He also claimed $200,000 worth of unauthorized salary hikes and bonuses.
In October, Wagler’s wife, Heidi, pled guilty to embezzling more than $864,000 from the Country Bancorporation. It owned seven banks, including the bank where her husband was president. She was in charge of payroll for all seven banks. In February, Heidi Wagler was sentenced to three years in prison. A judge will determine her husband’s sentence soon.
Heidi Wagler’s father founded the business and two brothers were co-owners of the chain of banks. Prosecutors say for 10 years Heidi Wagler stole from her family to fuel her extravagant lifestyle. Heidi and Russell Wagler owned a half a million dollar home in Wayland, a town with fewer than a thousand residents.