Tennessee Bank Manager Steals Million To Gamble on DFS Sites

TENNESSEE BANK MANAGER GAMBLED STOLEN MILLION AWAY ON DAILY FANTASY SPORTS SITES
 
Guilty plea to be heard later this month.
 
A now former bank manager in Greenville, Tennessee is to plead guilty on November 28 to embezzlement and tax evasion charges involving over a million dollars, which he allegedly spent gambling online at daily fantasy sports sites DraftKings and FanDuel.
 
Kenneth Miller stands charged with theft by a bank official and tax evasion associated with his embezzlement of nearly $1 million between April 2012 and February 2016 while he worked as the manager of a First Tennessee Bank location in Greeneville.
 
The sixteen-year company veteran was dismissed early 2016 when the theft was discovered.
 
Prosecutors say Miller misapplied $1.16 million from numerous savings accounts, certificates of deposit, lines of credit and individual retirement accounts. Some of this was moved around to conceal earlier misappropriations, but prosecutors claim that Miller took just over $967,000, which was lost or spent online at DraftKings and FanDuel.
 
The tax evasion charges arise from Millers filing of false tax returns.
 
The case against Miller has triggered potentially more trouble for the DFS sites.
 
Millers wife Erica has reportedly filed two lawsuits in Greene County Chancery Court against the DFS market leaders seeking the recovery of gambling losses, claiming that the DraftKings and FanDuel websites violate Tennessee gambling laws. The two cases were transferred to federal court earlier this year, but have since been remanded to state court.