Brian M. Campbell, 41, of Bayonne, New Jersey, was arrested and charged today with embezzling more than $600,000 from Pamrapo Savings Bank, where he had been employed as a managing director. Campbell faces 54 counts of mail fraud and money laundering for allegedly embezzling commission fees siphoned into his own accounts. Prosecutors allege Campbell falsified paperwork to divert commission fees from Pamrapo Service Corp., a bank subsidiary, to himself, starting in 2007 after his compensation was reportedly reduced. In March 2010, the bank itself had to pay a $5 million fine to settle regulatory action charging it had failed to report "illegal and suspicious transactions."Read the story here, here and here.
Update (3/22/11): Campbell, now 42, was convicted today of 33 counts of mail fraud.
Update (11/21/11): Campbell is expected to be sentenced today and faces up to 20 years in prison for embezzling more than $571,000 from Pamrapo Service Corp.
Update 11/22/11): Campbell was sentenced to just 6 months in prison. What a travesty of justice.
Update (11/21/11): Campbell is expected to be sentenced today and faces up to 20 years in prison for embezzling more than $571,000 from Pamrapo Service Corp.
Update 11/22/11): Campbell was sentenced to just 6 months in prison. What a travesty of justice.
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