(Storm Lake)– A northwest Iowa bank holding company says it has discovered that a former employee may have issued bogus certificates of deposit valued at almost four million dollars.
Meta Financial Group is a Storm Lake-based company with 16 bank offices in Iowa and South Dakota.
The company says its quarterly earnings filing will be delayed pending the hiring of an independent accountant and review of its financial records.
Meta Financial says the former employee appears to have issued the bogus certificates to a range of financial institutions, some of which have now claimed money from Metabank.
The bank says it has contacted authorities and has put in place a bond that insures the bank for losses.
(Story from the Associated Press.).
