Ex-Bank Employee Charged with $6.2 Million Fraud

A former bank employee and her husband were arrested in Connecticut on Tuesday and charged with bank fraud and money laundering in a $6.2 million fraud case.

The IRS and the FBI arrested Susan Curtis and Gary Stocking, both of Naugatuck. The couple is accused of allegedly scheming to defraud Webster Bank of about $6.2 million. Webster Bank is a $17 billion bank with 181 branches in Connecticut, Massachusetts, Rhode Island and New York.

According to law enforcement, Curtis, a former employee of the bank, along with her husband and others, devised a scheme to defraud the bank of the money between 2002 and May 2009. The two set up sham companies called "New House LLC" and "Equity LLC" and represented to the bank that they were brokers, when they were not registered brokers in Connecticut.

As a result of these false representations, the investigation shows Webster Bank released approximately $5 million to the sham companies. The investigation continues, and the two are being held without bail until their hearing. If the two accused defendants are convicted on the charges, they face 30 years in prison for bank fraud charge and 10 years on money laundering, says Nora Dannehy, United States Attorney for the District of Connecticut.


About the Author

Linda McGlasson

Linda McGlasson

Managing Editor

Linda McGlasson is a seasoned writer and editor with 20 years of experience in writing for corporations, business publications and newspapers. She has worked in the Financial Services industry for more than 12 years. Most recently Linda headed information security awareness and training and the Computer Incident Response Team for Securities Industry Automation Corporation (SIAC), a subsidiary of the NYSE Group (NYX). As part of her role she developed infosec policy, developed new awareness testing and led the company's incident response team. In the last two years she's been involved with the Financial Services Information Sharing Analysis Center (FS-ISAC), editing its quarterly member newsletter and identifying speakers for member meetings.




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