The (now former) GM cleaned out about half of the guild bank and transferred the bulk of his characters to the other faction. When nobody apparently noticed, he transferred the guild to his wife's account (she no longer plays, but he uses her as a sock puppet now and then) scraped up more of the bank and moved the rest of his characters. When I checked today, I see he cleaned out the rest of the bank with his wife's character, transferred the GM title to his buddy and moved his wife's character to the other faction.
I will mention it to a couple of the others in the guild who might not have noticed in case they care enough to get his account permanently suspended for this (because I am pretty sure this is the kind of thing that will get you banned), but I don't care enough to be bothered by it at this point. atara and I kind of saw this coming right from the start, when this guy first took over the guild from our former GM. We always knew it would be a case of "when" and not "if" he would pull this kind of stunt. It's the main reason why I stopped contributing anything to the guild bank other than occasional easily-farmed materials for flasks and potions.