A federal jury on Friday convicted Mendota Heights man John Anthony Markert, 58, of Mendota Heights, with five counts of misapplication of bank funds, according to a press release from the United States Attorney's Office.
Markert is the former president of Pinehurst Bank in St. Paul.
George Leslie Wintz, Jr. 72, an area businessman and former Pinehurst customer, was convicted on two counts of bank fraud, and one count of theft from an employee benefit plan.
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Gregory Paul Pederson, 44, of Roseville, the bank’s former chief credit officer and senior vice president, was acquitted.
The men were charged following an investigation into a being run through the bank.
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The bank’s losses contributed to the undercapitalization of the bank, which was closed by regulators in May 2010, according to a statement by the U.S. Attorney’s Office.
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