Ex-bank VP pleads guilty to fraud plot
December 1, 2009
Total Loss:
$226,000
Federal prosecutors say a former vice president at Wells Fargo Bank has pleaded guilty to conspiracy to commit bank fraud. Thirty-nine-year-old Andrew Rosenfeld of Ellicott City entered the plea on Monday. A sentencing date has not been set. According to his plea agreement Rosenfeld supervised a team of bank employees who executed wire transfers. Starting in June 2008, prosecutors say Rosenfeld and a conspirator created false invoices, causing a fraudulent wire transfer to be processed. Twenty-one fraudulent wire transfers were executed, resulting in a total loss of about $226,000. Prosecutors say Rosenfeld continued to get money in the scheme even after he was laid off in January 2009.
Source:
SF Examiner
Posted in:
Internal Fraud