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Silicon Valley Bank Manager Pleads Guilty to Embezzlement

The United States Attorney for the Eastern District of California announced last week that Rose Magpantay Valdez pleaded guilty on July 12, 2006, to bank embezzlement in connection with a scheme to steal bank funds for her own personal use by exploiting a weakness in the bank's security systems.

Briefly, because Ms. Valdez served as a bank manager, she had access to the bank’s general ledger accounts and the authority to move monies from one general ledger account to another, with the approval and initials of one of several other authorized bank employees. Ms. Valdez stole funds by filling out debit and credit slips that reflected that monies were being transferred from one general ledger account to another pursuant to bank business. Ms. Valdez would then illegibly scribble fictitious names on the slips, initial the slips, and submit them to another authorized bank employee to approve and initial. The employee would return the slips to Ms. Valdez, who would replace the deposit slips with her own slips in the same dollar amount. Ms. Valdez admitted to using odd dollar amounts so as not to arouse suspicion.

See the District Attorney's release here.


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