Kimberly Kerr, 44, of Palo Alto, California and Nicholas Perrone, 42, formerly of Palo Alto and currently of Cameron Park, pleaded guilty yesterday to charges they embezzled some $1.3 million from Wells Fargo Bank where Kerr had been employed as customer service representative. According to prosecutors, Kerr used her position to execute unauthorized wire transfers of funds from one of the bank's accounts, IRA Services, to Perrone's personal account. Perrone in turn, paid Kerr a kickback percentage of the funds transferred. Kerr's and Perrone's scheme spanned a six year period, from 2002 until 2008, according to reports. Sentencing is scheduled for November 17th.
Read the story here and here.
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