Former California Bank Manager Pleads Guilty To $550K Embezzlement Scheme

John Tran, 37, of San Jose, California, pleaded guilty to charges he embezzled some $553,000 from Wells Fargo Bank, where he had been employed as a bank manager. Prosecutors alleged that Tran victimized mostly elderly bank clients by making unauthorized withdrawals from their accounts or by cashing cashier's checks meant for investments for himself. He was originally arrested last march on felony charges of theft from an elder, grand theft and forgery, when it was believed he had embezzled at least $900,000. Sentencing is scheduled for October 5, 2010.

Read the story here and here.

Read the San Jose Police Department announcement of his arrest here.