Financial Services Firm Defrauded of $121,000David Maldonado2015-06-24T15:32:44+00:00
Outcome: Broker confession and imprisonment with court-ordered full client restitution
A national financial services firm engaged us when it suspected an assistant branch manager of theft. We determined subject broker identified money market accounts opened by foreign customers that had little activity. He fraudulently wired money from these accounts into dormant foreign customer accounts and then liquidated securities held in those accounts. He next arranged for client service center to issue him new customer ATM cards and PIN numbers for the accounts and withdrew $121,910 through ATM machines.
When personally confronted by us the subject confessed. Findings were presented to federal authorities resulting in subject’s two years imprisonment and court ordered full restitution.