Massachusetts banker accused of embezzling $1.5 million

| Sep 7, 2020 | Federal Crimes

A person who works for a bank in Massachusetts often has a great deal of responsibility. A mistake could ultimately result in significant financial losses. Additionally, a mistake could also result in criminal charges depending on the nature of the issues. In fact, a man now faces accusations of embezzling money during his employment with the Bank of America.

Reports indicate that the 31-year-old man worked as a relationship manager for the bank. In that role, he allegedly stole money from a client’s account. Federal prosecutors believe that the man created a separate checking account without the client’s knowledge. He then allegedly transferred $1.5 million into the account.

Reports claim that the unauthorized transfers occurred between Sept. 2016 and July 2017. He was terminated from his position in Sept. 2018. He is accused of using the money to purchase luxury items and to pay off his personal credit card debts. The identity of the company that employed the man was not released.

As a result of the accusations, the Massachusetts resident is charged with money laundering and wire fraud. If convicted of the charges, he could be sentenced up to 20 years behind bars. Unfortunately, accusations regarding white collar crimes, including those involving embezzling funds in a job capacity, can be complicated and come with significant consequences upon conviction. As a result, those accused in such cases typically hire an experienced criminal defense attorney to fight on their behalf. Such a professional can carefully evaluate all the details of the case and ensure that the client is fully prepared to make informed decisions.