Friday, June 26, 2009

New Jersey Banker Found Guilty Of Defrauding Customers

Carlos Pinho, 49, of Clark, New Jersey, pleaded guilty last week to stealing some $2.5 million from customers of two banks he worked for in a fraudulent certificate of deposit scheme. According to prosecutors, Pinho's scheme spanned nearly 8 years from 2001 to 2009. Specifically, Pinho pleaded guilty to a one-count Information charging him with mail fraud. According to the Information, Pinho convinced customers of the two banks, identified only as “P.B.A.” and “C.B.," that he could get help them invest in CDs that had higher interest rates than the market rate. Pinho admitted that he used some of the funds for personal uses while paying earlier investors a return.

Read the story here and here.

Read teh DOJ announcement here.

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