BIRMINGHAM, Alabama – A former employee of BBVA Compass Investment Solutions has been charged with embezzling over $200,000 from the bank.
Eric Scott Darty, a 30-year-old from Birmingham, Alabama, has agreed to plead guilty to the charges, according to the U.S. Attorney’s Office. Darty was a registered stockbroker at the time of the embezzlement and used his position to manipulate customer cashiers’ checks, ultimately keeping the cash for himself.
Between November 2015 and October 2016, Darty would renegotiate customer cashiers’ checks into smaller amounts, keeping the leftover cash for himself. He would then use the newly issued checks to purchase investment products on behalf of the customers.
The scheme involved 47 unauthorized transactions in 13 accounts belonging to nine customers, resulting in a loss of between $150,000 and $250,000 for BBVA Compass. Darty has agreed to pay restitution of $206,970 to the bank and to forfeit the same amount to the government as proceeds of illegal activity.
Darty faces a potential prison sentence of up to 30 years and a fine of up to $1 million. He has also agreed to restrictions on his future employment in the financial services industries.
The FBI, in conjunction with the Alabama Securities Commission, investigated the case. Assistant U.S. Attorney Erica Williamson Barnes is prosecuting the case.
Darty’s guilty plea is a significant blow to the integrity of the nation’s financial infrastructure, as emphasized by U.S. Attorney Jay E. Town. The case serves as a reminder of the importance of holding accountable employees of financial institutions who engage in such nefarious activities.
Key Facts
- State: Alabama
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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