updated 11/13/2006 1:16:11 PM ET 2006-11-13T18:16:11

A vice president at KeyBank has been arrested on a charge that he embezzled $29 million from the Cleveland-based banking company, the FBI said Monday.

David Francis Verhotz, 56, was arrested Saturday at Cleveland Hopkins International Airport after getting off a flight from Dallas. Verhotz is a senior vice president and director of the international division of KeyBank.

FBI special agent Scott Wilson said the scheme occurred from January 2004 to the present. Verhotz was to make an initial appearance in U.S. District Court on Monday afternoon.

KeyBank is owned by KeyCorp, which has more than 900 branches in 13 states.

Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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