Tuesday, December 1, 2009
Former Massachusetts Bank Exec Arrested For Allegedly Misappropriating $179K
Kathleen Morris, 34, of Truro, Massachusetts, has been arrested on charges she misappropriated some $179,000 from Seamen's Bank, where she had been employed as vice president of commercial lending. Morris allegedly obtained fraudulent loans from the bank by submitting false credit information in the names of seven friends and family members between August 2007 and April 2009. According to prosecutors, none of the friends or relatives were involved in the scam. Morris plead not guilty to the 47 criminal charges, which include 15 counts each of forgery of a promissory note, uttering false writing and obtaining credit over $250 by a false financial statement as well as charges of larceny over $250 by a single scheme and embezzlement from a bank. Morris, who reportedly submitted 15 fraudulent loan packages, was fired last April.