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October 20, 2014

Midcoast bank mum on $3.8M charity theft case

The midcoast bank used to deposit $3.8 million allegedly stolen by a Rockport businessman from a Camden-based charity is remaining quiet on the issue.

The Bangor Daily News reported that United Mid-Coast Charities still hasn't received an answer from The First, N.A., as to how the charity’s former president, Russell “Rusty” Brace, was able to deposit donation checks into his own business account at the Damariscotta-based bank’s Camden branch location.

Jay McCloskey, a former U.S. Attorney representing the charity in its civil lawsuit against Brace, told the newspaper that the The First is not facing any allegations of criminal conduct. He said, however, that the bank should have not allowed Brace to deposits donation checks into his own account.

The First President Tony McKim told the newspaper that the bank has no comment besides that it takes the theft allegation against Brace seriously.

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