Connecticut Man Arrested For Embezzling $112K From Finance Company's Client Accounts

From the Shelton Herald on 10/29/2014:

A 32-year-old Connecticut man has been arrested on federal charges for allegedly stealing more than $110,000 from customers at the bank where he was employed.

On Oct. 21, a grand jury in New Haven indicted Alexander Alvarez, 32, of East Lyme on two counts of bank fraud.

As alleged in the indictment, Alvarez identified accounts that had little banking activity at a bank in Newington. He worked there as a financial service representative from January 2012 to February 2013.

He would change the mailing address for the accounts he targeted from the owner’s address to a fraudulent address so that transactions in the accounts would not be immediately discovered by the account owner, according to prosecutors in the U.S. Attorney’s Office for Connecticut.

Alvarez then allegedly created fraudulent transfer slips have the funds transferred to another account that he believed was dormant, or to an account that he directly controlled, or to be issued in a bank check.

Once the funds were transferred from the owner’s account, Alvarez withdrew the funds from the bank in cash or via an ATM card, or transferred them to his personal banking account, prosecutors said.

The indictment alleges that Alvarez stole $100,807 from one bank customer and $11,137 from a second bank customer.

The charge of bank fraud carries a maximum term of imprisonment of 30 years and a fine of up to $1 million.