Michael Thompson, Bank Fraud, Washington, 2023

Washington – The Federal Deposit Insurance Corporation (FDIC) has dropped the hammer on Michael Thompson, a former banking executive, who was sentenced to serve five years in prison for orchestrating a $5 million bank fraud scheme. According to FDIC officials, Thompson, 45, from New York City, manipulated his position at First National Bank of Manhattan to embezzle funds and funnel them into offshore accounts. The FDIC’s investigation revealed that Thompson used fraudulent invoices and forged signatures to transfer millions in deposits to shell companies, all while maintaining the illusion of legitimate business activity. Thompson pleaded guilty to multiple counts of wire fraud and bank fraud. The FDIC also ordered him to pay $5 million in restitution.

FDIC officials emphasized the importance of vigilance against financial crimes, noting that Thompson’s actions could have caused significant harm to the bank and its depositors. Michael Thompson is expected to begin serving his sentence shortly.

In related news, the FDIC has also made public a list of enforcement actions taken against other banks and individuals in August 2022, with no administrative hearings scheduled for October. The FDIC issued seven Orders in August, including one consent order, two orders of prohibition from further participation, and three orders granting permission to file applications for consent to participate.

For more information on the FDIC’s enforcement actions, please visit their Web page at [FDIC Web Page Link].

Contact Information:

• FDIC:
  LaJuan Williams-Young, (703) 470-0201

Last Updated: September 30, 2022