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Bank manager Charged With Embezzling $650,000

The U.S. Attorney for the District of Massachusetts announced last week that a former bank branch manager was charged in federal court with misapplication and embezzlement of more than $650,000 from the Hudson Savings Bank. Among other schemes, the accused allegedly withdrew funds from existing customers’ deposit accounts and from active or inactive home equity lines of credit, and he also created false accounts from which he withdrew funds. The accused is alleged to have avoided detection of his actions by repaying credit lines from other customers’ accounts, taking steps to prevent customers from receiving account statements for periods of time, creating false loan statements which were sent to customers, and changing the mailing addresses on loan accounts to addresses controlled by him.

See the full release here.


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