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Rochester Man Pleads Guilty to Stealing $168,000 from Employer
BUFFALO, N.Y. – In a shocking turn of events, 37-year-old Michael Torres of Rochester, NY, has pleaded guilty to financial institution fraud, a crime that could land him up to 30 years in prison and a fine of $1,000,000.
Torres, a former Relationship Manager at Financial Institution 1, misused his position to apply for loans in the names of individuals without their knowledge or authorization.
Between September 2021 and February 2022, Torres applied for 19 loans totaling $168,000, which was deposited into bank accounts that he controlled.
The plea is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.
Assistant U.S. Attorney Douglas A. C. Penrose is handling the case, and sentencing will be scheduled at a later date.
The financial institution was victimized by Torres’ actions, which is a stark reminder of the importance of proper oversight and regulation in the financial industry.
Torres’ guilty plea is a significant blow to those who would seek to exploit their positions for personal gain.
Key Facts
- State: New York
- Category: White Collor Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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