The Workplace of the Comptroller of the Forex (OCC) is taking motion in opposition to a former financial institution worker who allegedly stole tens of millions of {dollars} from buyer accounts.
The OCC says it’s issuing an order of prohibition in opposition to William Shane Garrow, the previous senior vp of personal banking for a subsidiary of BOK Monetary in Tulsa, Oklahoma.
Says the OCC,
“Between roughly March 17, 2021 and March 12, 2024, respondent misappropriated roughly $3,437,536 from a number of prospects’ accounts beneath the financial institution’s custody for his private profit, with out the shoppers’ information or authorization.”
In line with the OCC, Garrow engaged in unsafe and unsound practices and violations of legislation that resulted in vital losses for the financial institution.
The regulator has now banned Garrow from working at insured depository establishments, together with banks and credit score unions. The previous financial institution government is consenting to the issuance of the order with out admitting or denying the OCC’s findings.
The OCC motion comes after Garrow pleaded responsible to financial institution fraud and willfully making and subscribing a false Federal revenue tax return. Garrow was sentenced final month to 71 months in jail. He was additionally ordered to pay $3.86 million in restitution and $1.519 million to the IRS.
Prosecutors mentioned Garrow directed fraudulent wire transfers and cashier’s checks from at the least 16 consumer accounts to entities and financial institution accounts that he managed. If a consumer requested concerning the transactions, Garrow blamed it on a banking error and would return the funds stolen or switch cash from one other sufferer’s account.
Mentioned US Lawyer Clint Johnson final month,
“Garrow deceived folks for over 12 years, and his actions wreaked havoc on banking personnel who had been tasked with correcting his wrongs. This was not a easy banking error or an accident, however relatively a legal scheme. Garrow abused the belief given to him by the financial institution and its prospects.”
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