CommunityOne Bank to pay 400K restitution
April 28, 2011
Total Loss:
$40 Million
CommunityONE Bank, based in Asheboro, has agreed to pay $400,000 to victims of a third-party fraud that operated through accounts at the bank.
According to the U.S. Attorney’s Office for the Western District of North Carolina, the restitution relates to a $40 million ponzi scheme operated by bank customer Keith Franklin Simmons for two and a half years almost entirely through an account at the bank.
Source:
BizJournals
Posted in:
Collusive Networks
Money Laundering
ACH and Wire Fraud