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Bank Official Sentenced for $2.4M Embezzlement Scheme
A Pittsburgh man has been sentenced to 90 months in prison for his role in a massive embezzlement scheme that netted him over $2.4 million, Grimy Times has learned.
Joseph Graziano Jr., 29, was sentenced by Senior United States District Judge Terrrence F. McVerry for his convictions of bank embezzlement, bank fraud, mail fraud, tax fraud, conspiracy to commit counterfeiting, and aggravated identity theft.
According to court documents, Graziano used his position as a Corporate Trust Administrator at Bank of New York Mellon to embezzle $2,441,294.35 between May 12, 2008, and March 25, 2011. He wired funds from corporate trust accounts into his own bank accounts and failed to report the embezzled funds as income on his tax returns.
The scheme was just the tip of the iceberg, however. Prosecutors say Graziano engaged in additional schemes to defraud five other banks, including Dollar Bank, First Niagara Bank, First Commonwealth Bank, Ameriserv Financial Bank, and PNC Bank. He submitted fraudulent loan documents to induce the banks to extend credit to him.
But that was still not enough for Graziano. After being indicted on charges related to the bank embezzlement and fraud, he began selling personal electronics on eBay and defrauding buyers by sending empty boxes with false claims that the contents had been stolen during shipping.
And in a shocking turn of events, Graziano was caught attempting to purchase counterfeit United States currency through a source in the Republic of Uganda while on pretrial release. He used a stolen identity to set up a mailbox to receive the shipments of counterfeit currency and attempted to open a credit card and bank account using the stolen Identity.
U.S. Attorney David J. Hickton commended the Federal Bureau of Investigation, United States Postal Inspection Service, Internal Revenue Service, Criminal Investigation Division, the Department of Homeland Security, Homeland Security Investigations, and the United States Secret Service for their investigation leading to Graziano’s conviction.
Assistant United States Attorney Tonya Sulia Goodman prosecuted the case on behalf of the government. The investigation is a stark reminder of the need for vigilance in the banking industry and the importance of holding those who would seek to cheat the system accountable.
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Key Facts
- State: Pennsylvania
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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