Documents from U.S. District Court say following Davis Cooper's arrest on March 19, he confessed to embezzling money from the city since the mid 1980s. Cooper told the FBI he set up two phony bank accounts 20 years ago, for the sole purpose of concealing the stolen money. One was called the Treasurers Collections Account, the other, Campus Manor Associates.
An FBI affidavit also says Cooper admitted stealing insurance premium tax checks from the office vault after regular business hours. Those checks are paid to the city by insurance companies for the privilege of doing business inside the city limits. The amounts fluctuate each year, making any theft easy to conceal.
So how did Cooper get caught? According to the affidavit, an insurance company submitted an amended payment to the city. When it was entered into the computer system, the system showed the original payment had not been collected. When the insurance company was notified, they said their check had already cleared U.S. Bank, and Cooper's phony account was discovered. Cooper also admitted stealing the interest from city certificates of deposit in the mid-80s, when interest rates were high and his theft would not have been noticed.
Cooper's federal arraignment is set for May 18. If convicted, he could get up to ten years in prison, a $250,000 fine, and ordered to pay restitution.