Philip J. Mongillo, 51, of Westbrook, Connecticut, pleaded guilty to one count of bank fraud in connection with his alleged embezzlement of more than $1 million from Dime Bank, where he had been employed as assistant vice president and technology officer. According to authorities, over a nine year period, from September 2001 until November 2010, Mongillo created and used a phony company to issue fraudulent invoices to the bank, totalling $1,029,050. Mongillo is due to be sentenced on September 2 and faces up to 30 years in prison, plus restution.
Read the story here and here.
Update (9/7/11): Mongillo has been sentenced to 51 months in prison.
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