Bank of Colorado Officer Sentenced to Federal Prison for Fraud

Patricia Cabano, age 56, of West Sacramento, California, a former bookkeeper and operations manager of the Bank of Colorado in Craig, Colorado, was sentenced today by U.S. District Court Judge John L. Kane to serve 40 months in federal prison for bank fraud, U.S. Attorney David Gaouette and FBI Special Agent in Charge James Davis announced. Following her prison sentence, Cabano was ordered to serve five years on supervised release. Judge Kane also ordered the defendant to pay restitution totaling $535,530.67 to the victims of the fraud. Cabano is also not allowed to work in the financial industry again. As head bookkeeper and later operations officer at the Bank of Colorado, Cabano used her position, knowledge of operations, and her largely unsupervised access to customers' accounts to facilitate her fraud. Over the period of July 1998 through November 2002, she abused her position by making numerous unauthorized electronic transfers from unsuspecting customers' accounts to her own accounts and the accounts of customers she favored as well as some of her family members. Posted in: Internal Fraud