ALBANY---The vice president of communications for Citizens Bank of Albany has been indicted on charges of embezzling funds earmarked for community donations

. Sherlord Tyrone Ferguson, 36, of Clifton Park, has been accused of taking $29,146 the bank had designated for donations to such local organizations as the Neighborhood Housing Authority, Home Comings and HAP Inc., and depositing it into his own account.

The alleged theft occurred from Aug. 1, 2005 and Dec. 26, 2006 at the bank's branch on 10 N. Pearl St., where Ferguson worked.

Ferguson faces charges of third degree grand larceny and five counts of first degree falsifying business records in the first degree. If convicted, he could face up to seven years in prison.

A statement issued by the bank and it had a zero tolerance policy for financial misconduct. The bank said that all of their commitments to community charities had been met.

The bank said that in January, an audit revealed several accounting regularities and they had notified local authorities and the Albany County District Attorney's office. 4-22-07

© 2007 North Country Gazette