09/20/2026
Former Lufkin Bank CEO Accused of Misappropriating $167,000 From Trust
LUFKIN, Texas — A former Lufkin community bank executive is facing felony charges after investigators say he misappropriated approximately $167,000 from a trust account he had been appointed to oversee and later assaulted a person who reported the alleged financial misconduct.
Richard Keith Jones, 55, former CEO of Angelina Savings Bank, is charged with misapplication of fiduciary property between $150,000 and $300,000 and assault of a family member.
According to an Angelina County Sheriff’s Office affidavit, the investigation began in May 2025 after the FBI forwarded a tip alleging money had been taken from a trust established by a father for his son before the father died in 2015.
Jones and another longtime friend of the father were appointed to oversee the trust until the son reached age 40. Investigators say the son did not have direct access to the account and instead had to request that money be transferred to his personal checking account when needed.
After Jones left Angelina Savings Bank in 2024, the trust was moved to BOM Bank. Around the same time, the son was reportedly warned by someone close to Jones that there may have been unauthorized activity involving the account.
Investigators subpoenaed records from multiple financial institutions and identified numerous transactions the son considered suspicious, including transfers involving a family account and a check made payable to Lumberjack Harley-Davidson. The son told investigators he had never owned a motorcycle.
The investigation initially identified more than $512,000 in transfers between 2018 and 2022 from an associated family account, prompting additional reviews of financial records.
According to the affidavit, Jones voluntarily met with investigators in October 2025. During a recorded interview, he acknowledged taking money from the trust without authorization. Investigators ultimately determined that approximately $167,000 had been taken from the trust for personal gain between 2015 and 2024, according to the affidavit.
Alleged retaliation
A separate investigation began August 12th, 2026, when deputies responded to a residence on Providence Road after the person who initially reported the alleged financial misconduct said Jones confronted and assaulted them.
The caller told deputies Jones grabbed them by the neck and shoved them into a wall. Deputies reportedly documented marks on the caller's neck, shoulder and lower back, along with an injured wrist.
According to the affidavit, the caller believed the confrontation was connected to their report to law enforcement regarding the trust.
The affidavit also notes a history of violence between Jones and the caller.
Jones was booked into the Angelina County Jail Thursday on the financial and assault charges.
The allegations contained in the affidavits are not findings of guilt, and Jones is presumed innocent unless and until proven guilty in court.