N.J. Bank Exec Charged with Fraud

A former employee of Pamrapo Savings Bank was arrested on June 2 and charged with diverting and embezzling more than $600,000 from the Bayonne, New Jersey-based bank. Brian Campbell, former managing director of the bank's investment company, was taken into custody by federal agents and faces a 54-count indictment with charges of mail fraud and money laundering. An initial hearing on the charges was held by U.S. Magistrate Judge Madeline Cox Arleo in the District of New Jersey, Newark Division. Cambell allegedly received more than $600,000 in checks from the various entities in this scheme by having fees and commissions owed to the Service Corporation paid directly to him. He is also charged with money laundering, as he allegedly laundered portions of the fraud proceeds to pay his credit card bills. If convicted, Campbell faces a maximum penalty of 20 years in prison and a $250,000 fine on each of the mail fraud charges. He faces a maximum prison sentence of 10 years and a $250,000 fine on each of the money laundering charges. Posted in: Internal Fraud