Saturday, January 22, 2011

Connecticut Woman Pleads Guilty To Embezzling More Than $6 Million From Bank

Susan A. Curtis, 49, of Naugatuck, Connecticut, pleaded guilty yesterday to charges she embezzled some $6.2 million from Webster Bank and Bank of America, where she had been employed as a manager negotiating and managing bank property leases. According to authorities, Curtis and her now ex-husband, Kevin W. Caffrey, 45, of Wolcott, Connecticut, set up to companies, New House, LLC and Equity Realty, LLC, which then submitted fraudulent invoices for payment of fees in at least 109 real estate transactions she oversaw. The scheme reportedly spanned at least 6 years from May 2000 until May 2006. Specifically, Curtis plead guilty to two counts of bank fraud and four counts of filing false tax returns. Kevin Caffrey pleaded guilty to one count of bank fraud and one count of filing a false tax return and is awaiting sentencing. Curtis' current husband, Gary J. Stocking Jr., 43, of Naugatuck, was also indicted for his allegedly involvement in the scheme.

Read the story here, here, here and here.

Update (3/31/11): Gary Stocking, now 45, of Naugatuck, Connecticut, pleaded guilty to tax fraud for not reporting some $1.91 million in ill-gotten gains from his participation in this massive embezzlement scheme against Webster Bank. Stocking faces up to 3 years in prison and has been ordered to pay $640,000 in back taxes to the IRS.

Update (3/29/12): Curtis, now 50, has been sentenced to 102 months in prison.  Read an update of the story here.

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