BIRMINGHAM – A stunning crime has shaken the armored transport service Brink’s, as a former employee has been charged with stealing nearly $200,000 in quarters from the Federal Reserve Bank of Atlanta.
Stephen Lancaster Dennis, 49, of Harpersville, Alabama, has been charged with one count of bank theft for allegedly stealing $196,000 in quarters while working as a money processing manager for Brink’s at its Birmingham branch in early 2014.
According to the U.S. Attorney’s Office, the investigation revealed that Dennis carried out the theft by filling four empty ballistic bags with beads and only $1,000 in quarters. The bags were then placed back in the coin room, where Dennis would later steal the remaining quarters over the course of several weeks.
The theft was discovered during an April 2014 audit of the Federal Reserve Coin Inventory, which revealed that the four ballistic bags contained beads instead of the expected $50,000 in quarters.
“This defendant may have thought he had quite a haul when he took nearly $200,000 in quarters from the Federal Reserve’s coin storage at Brink’s, but now he carries a heavier load. He must repay the money and face a federal sentence,” said U.S. Attorney Joyce White Vance.
Assistant U.S. Attorney Henry Cornelius is prosecuting the case, which was investigated by the FBI. Dennis has entered an agreement with the government to plead guilty to the charge and repay $196,000 to Brink’s. The armored service already has reimbursed the Federal Reserve Bank for the loss.
The maximum penalty for bank theft is 10 years in prison and a $250,000 fine. Dennis will also face a federal sentence and must repay the stolen money.
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Key Facts
- State: Alabama
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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