A banker stole over $2 million from his clients in New York City and could now face decades in prison, federal officials said.

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The banker, a 32-year-old man, was arrested on March 1 in Brooklyn, according to a news release from the U.S. Attorney’s Office for the Southern District of New York.

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He is accused of abusing “his position as a business relationship manager at a financial institution to steal millions from his clients, including elderly clients,” U.S. Attorney Damian Williams said in the release.

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An attorney for the former manager could not immediately be reached by McClatchy News.

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His scheme involved secretly siphoning funds from at least five customer accounts between 2020 and 2022, officials said.

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In one instance, he made an unauthorized $450,000 wire transfer from a 74-year-old client’s account, officials said.

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He also deposited stolen funds into client accounts in order to cover his tracks, according to officials.

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While some of the stolen money was transferred into accounts associated with his girlfriend and mother, the majority was spent on securities, officials said.

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He then “lost most of the money he stole in the market through trading,” officials said.

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The racket was eventually uncovered by the bank after a concerned client asked to speak to a supervisor at a Brooklyn branch in July 2022.

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The client, a 74-year-old woman, said she was worried about inconsistencies in her bank statements, according to officials. A statement provided to her by the manager reflected an account balance of about $900,000, but a statement mailed to her residence abroad revealed a balance of only $13,000.

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Shortly thereafter, the manager accused in the scheme admitted to defrauding clients and was fired by the bank, officials said.

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He now faces charges of bank fraud, embezzlement, money laundering and aggravated identity theft, which carry a combined maximum sentence of more than 80 years in prison if he’s convicted, officials said.

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A banker stole over $2 million from his clients in New York City and could now face decades in prison, federal officials said.

[–>

The banker, a 32-year-old man, was arrested on March 1 in Brooklyn, according to a news release from the U.S. Attorney’s Office for the Southern District of New York.

[–>

He is accused of abusing “his position as a business relationship manager at a financial institution to steal millions from his clients, including elderly clients,” U.S. Attorney Damian Williams said in the release.

[–>

An attorney for the former manager could not immediately be reached by McClatchy News.

[–>

His scheme involved secretly siphoning funds from at least five customer accounts between 2020 and 2022, officials said.

[–>

In one instance, he made an unauthorized $450,000 wire transfer from a 74-year-old client’s account, officials said.

[–>

He also deposited stolen funds into client accounts in order to cover his tracks, according to officials.

[–>

While some of the stolen money was transferred into accounts associated with his girlfriend and mother, the majority was spent on securities, officials said.

[–>

He then “lost most of the money he stole in the market through trading,” officials said.

[–>

The racket was eventually uncovered by the bank after a concerned client asked to speak to a supervisor at a Brooklyn branch in July 2022.

[–>

The client, a 74-year-old woman, said she was worried about inconsistencies in her bank statements, according to officials. A statement provided to her by the manager reflected an account balance of about $900,000, but a statement mailed to her residence abroad revealed a balance of only $13,000.

[–>

Shortly thereafter, the manager accused in the scheme admitted to defrauding clients and was fired by the bank, officials said.

[–>

He now faces charges of bank fraud, embezzlement, money laundering and aggravated identity theft, which carry a combined maximum sentence of more than 80 years in prison if he’s convicted, officials said.

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