Wednesday, April 14, 2010

2 South Carolina Men Plead Guilty To Misappropriating Up To $400K From Bank Customer Accounts

Robert Tam, 42, of North Charleston, South Carolina and Jason Nicklous Kizer, 31, of Dorchester, South Carolina, pleaded guilty yesterday to charges they misappropriated as much as $400,000 from customer accounts at the S.C. Federal Credit Union where they had been employed as a risk analyst and an account manager, respectively. According to authorities, Tam and Kizer conspired by identifying accounts at the credit union that were inactive, including a deceased woman who was still receiving pension benefit payments and active duty military personnel who were deployed overseas. They would then execute withdrawals by ATM or other means from these accounts. Authorities believe Tam and Kizer started stealing in this manner in 2005 and continued for four years until last Fall, when the scheme was uncovered and the two were fired. They each face up to 30 years in prison, plus a fine of up to $1 million and restitution.

Read the story here and here.

Update (12/1/10): Kizer was sentenced to 18 months in prison and must pay $146,000 in restitution. Tam is still awaiting sentencing.

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