An ex-JPMorgan Chase government has admitted to stealing $2.4 million from the banks’ shoppers, new court docket paperwork present.
In a judgment filed on March fifteenth on the US District Courtroom within the Southern District of New York, Choose Denise L. Cote sentences Kevin Chiu to 48 months in jail after he pleaded responsible to financial institution fraud.
Based on authorities prosecutors, Chiu stole from not less than six consumer accounts held by 5 totally different shoppers by utilizing his place to switch funds out of their accounts with out their authorization or data.
After taking management of the purchasers’ funds, Chiu then used them to commerce securities, pay private bills, and canopy up his thefts from some accounts by changing the lacking funds with extra funds he stole from different accounts.
Prosecutors say one of many victims, who misplaced $900,000 to Chiu’s misconduct, was a 74-year-old wheelchair-bound girl who trusted him to handle most of her funds.
“She requested as an alternative that the defendant hand her a duplicate of her account assertion when she would go to the department. She trusted the defendant to handle her funds.
The defendant took benefit of this association to steal nearly one million {dollars} from her account, almost draining it, after which created false account statements—that he handed to her personally when she would go to him on the department in a wheelchair—to cover that any cash was lacking.
He additionally took benefit of her belief and reliance on him by asking her to signal clean transaction varieties when she was within the department, which he used to steal her cash.”
On high of the jail time, Chiu can also be ordered to pay $1.6 million in restitution, and will likely be on probation for 3 years following his launch.
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