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West Haven Banker Stole $106,028
West Haven resident Stephen DeCrescenzo, 37, has admitted to embezzling $106,028 from his employer, JPMorgan Chase Bank in New Canaan.
According to court documents, DeCrescenzo was employed as a personal banker at JPMorgan Chase Bank from approximately September 2008 to November 2011. During this time, he carried out an embezzlement scheme, transferring funds from customer accounts into a separate account to which he had access.
DeCrescenzo disguised numerous withdrawals from the accounts as authorized cash withdrawals by customers when, in fact, he had stolen the money. The investigation revealed that DeCrescenzo also wired funds stolen from a customer account into another bank account for his personal benefit.
DeCrescenzo pleaded guilty to one count of wire fraud in U.S. District Court in New Haven. He faces a maximum term of imprisonment of 20 years and was released on a $50,000 bond. Sentencing is scheduled for February 17, 2015.
DeCrescenzo, a former member of the West Haven City Council, resigned from the Council today.
The investigation was conducted by the Connecticut Financial Crimes Task Force, the Greenwich Police Department, and the New Canaan Police Department. The case is being prosecuted by Assistant U.S. Attorney Douglas P. Morabito.
DeCrescenzo’s scheme highlights the importance of monitoring financial transactions and the need for accountability in the banking industry.
Key Facts
- State: Connecticut
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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