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Man sentenced for stealing $90k from banks

September 09, 2011

A Newport Beach man was sentenced Friday for stealing $90,000 from banks through a check-cashing scheme, according to the Orange County district attorney's office.

Herbert Robert Schnapp, 65, received a 270-day jail sentence and was ordered to pay restitution. He pleaded guilty in May to depositing checks totaling more than $6 million although he had no funds to cover them, according to a D.A. news release.

He used two accounts — one at a Wells Fargo Bank branch in Newport Beach and another at a LBS Financial Credit Union in Long Beach. Schnapp fooled each bank into believing his other account had funds, and then would draw down an account, the D.A. release said.

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He ultimately spent $90,000.

— Mike Richer

Twitter: @mreicher

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