A former Bank of Montreal branch manager in Edmonton, Alberta, pleaded guilty Monday to defrauding his employer of $16 million.
"I plead guilty," said Nicholas Lysyk, to the 63 counts of fraud over $5,000.
The bank accused him of making fake loans to fictitious customers and taking the money to fund a lavish lifestyle for family and his six mistresses, the Canadian Broadcasting Corp. reported.
So far, the bank has only traced 25 percent of the missing money. In July the bank raised $1 million by auctioning Lysyk's possessions, including: Cartier, Rolex and Gucci watches; high-end furniture and 20 vehicles such as a rare 1971 Plymouth Barracuda Hemi convertible that sold for $110,000.
Lysyk owned or helped buy 14 properties that are also being sold.
Lysyk's wife, Jennifer, has also been charged with possession of property obtained by crime.
© Copyright 2004 by United Press International
