According to recent court filings, an ex-JPMorgan Chase executive has acknowledged stealing $2.4 million from the banks’ clients.
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Kevin Chiu entered a guilty plea to bank fraud, and on March 15th, the US District Court in the Southern District of New York issued a judgment in which Judge Denise L. Cote sentenced Chiu to 48 months in prison.
Government prosecutors claim that Chiu used his position to transfer money out of at least six client accounts—all of which were held by five different clients—without the clients’ knowledge or consent.
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Chiu utilized the money he had taken over from the customers to trade securities, cover his expenses, and conceal his thefts from some accounts by making up the difference with money he had stolen from other accounts.
One of the victims, a 74-year-old wheelchair-bound woman, lost $900,000 due to Chiu’s misconduct, according to the prosecution. She had trusted him with the majority of her financial matters.
Instead, she asked the defendant to give her a copy of her account statement the next time she was in the branch. She put her trust in the defendant to look after her money.
Using this arrangement, the defendant stole almost a million dollars from her account, almost emptying it. He then made up fake account statements, which he gave her in person when she visited him at the branch in a wheelchair, to conceal the fact that any money was missing.
Additionally, while she was in the branch, he asked her to sign blank transaction forms, which he used to steal her money, taking advantage of her dependence and trust in him.
In addition to his prison sentence, Chiu faces a $1.6 million restitution order and a three-year probationary period after his release.
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