Wednesday, May 8, 2013

Virginia Woman Pleads Guilty To Embezzling $155K From Bank

From the Richmond Times-Dispatch on 5/2/13:

Shannon S. Hamilton, 43, of Prince George County, faces up to 30 years in prison and a $1 million fine when sentenced Aug. 1 by U.S. District Judge John A. Gibney Jr., though federal sentencing guidelines will likely call for far less punishment.

Her plea agreement calls for her to pay $155,220 in restitution to SunTrust bank.

In pleading guilty, Hamilton admitted that while she was the manager of the South Park branch of SunTrust bank from February 2008 to November 2011, she raided certificates of deposits belonging to a dozen customers.
Hamilton admitted that she used her position as branch manager to misappropriate money from clients through unauthorized transactions with customers’ certificates of deposit and checking accounts.
The scheme included forging customers’ endorsements and changing their account addresses to the bank so the customers would not see unauthorized transactions.

Among other things, she admitted using the money for repayment of her own 401K loan and living expenses and for “robbing Peter to pay Paul” — repaying previous victims by buying new certificates of deposits or depositing money into existing accounts with money stolen from new victims.

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