Tuesday, October 25, 2011

Maryland Man Pleads Guilty To Bank Fraud; Admits $313K Embezzlement

Tommy L. Phillips, 55, of Frederick, Maryland, pleaded guilty to bank fraud charges in connection with his alleged embezzlement of more than $313,000 from trust accounts at PNC Bank, where he had been employed as a trust officer.  According to reports, Phillips scheme spanned more than a six year period, from 2003 to December 2009 whereby he typically rerouted funds from the banks’ clearing accounts into his own accounts using cashiers checks.  He also wrote checks from the clearing account to pay his credit card bills.  Phillips also allegedly attempted to conceal the thefts by taking funds from incoming trust deposits to replace those funds from the trusts from which he had stolen.   Phillips reportedly used the ill-gotten funds to pay he and his wife's personal bills and to buy jewelry.  He faces up to 30 years in prison, plus restitution and fines upon sentencing, scheduled for January 2012. 

Read the story here.

Update (1/9/12): Phillips has been sentenced to 27 months in prison and ordered to pay restitution.

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