Great American targets $2.3 million bond after Missouri bank fraud claim

The complaint details a sequence of events that began to unravel in October 2023. According to the filing, Megan Dougherty, who held multiple positions at Exchange Bank – including vice president of information technology, audit officer, and customer services representative – was found to have transferred $2,350,997.82 from customer accounts into her own, over a period stretching from 2007 to 2023. The thefts, the insurer says, were discovered after a customer inquiry prompted an internal investigation. Dougherty was confronted on Oct. 13, 2023, and, according to Exchange Bank, admitted to stealing funds from customers’ accounts. She pleaded guilty to bank fraud on July 25, 2024.