Do you really think you’re that smart? I’m sorry but some folks are just idiots. By the way, I fell into that category many years back so if you’re saying it takes one to know one…theN guilty as charged. Because of my vast experience, I can call this guy an idiot when it comes to white collar crime.
“Well, I always told you that your ability with numbers was criminal.”
The United States Attorney for the District of Connecticut, announced that Alexander Alvarez, 33, of East Lyme, was sentenced to 18 months of imprisonment, followed by four years of supervised release, for stealing more $100,000 from customers of the bank where he was employed.
Hum…an Inside Bank Job
According to court documents and statements made in court, from January 2012 to February 2013, Alvarez was employed as a Financial Service Representative for a bank in Newington. While employed at the bank, Alvarez identified accounts that had little banking activity. (OK…he had a method to those he intended to defraud – Intent)
He then caused the mailing address for the accounts he targeted to be changed from the owner’s address to a fraudulent address so that transactions in the accounts would not be immediately discovered by the account owner. (Further evidence of intent)
Alvarez then created fraudulent transfer slips causing the funds to be transferred to another account that he believed was dormant, or to an account that he directly controlled, or to be issued in a bank check. Once the funds were transferred from the owner’s account, Alvarez withdrew the funds from the bank in cash or via an ATM card, or transferred them to his personal banking account.
What You Do in the Dark will be Brought to the LIGHT!
Alvarez stole $100,806.85 from one bank customer and $11,137.01 from a second bank customer. He was ordered to pay full restitution, plus interest, to the bank. The customers were likely restored in full since it was a bank employee that stole the money.
Wait…let me get this straight. He stated with the notion that he’d steal from folks with little or no bank activity. But instead of doing lots of small accounts that likely the owners had forgotten about, he stole over $100,000 from one customer. And he thought that would go unnoticed? That’s evidence of an idiot!
On April 21, 2015, Alvarez pleaded guilty to one count of bank fraud and was sentence recently to federal prison. Every choice has a consequence.
Last Question that deserves attention…
Wonder what changes the bank has taken to protect it’s clients from fraud? I suspect that there are lawsuits that have followed against the bank (just best guess) since there appeared to be a lack of internal controls to prevent such a simple minded fraud.
If you have done business with this bank…do you have any thoughts on what too place?
YOUR COMMENTS ARE WELCOME!
