Private Banker Faces Lifetime Industry Ban After Allegedly Stealing $3,437,536 From Customer Accounts Over Three Years: OCC

The workplace of the Present of the Forex (OCC) takes motion towards a former financial institution worker who has reportedly stolen tens of millions of {dollars} from buyer accounts.

The OCC says that it’s an order to ban William Shane Garrow, the previous senior vp of Personal Banking for a Bok Monetary subsidiary in Tulsa, Oklahoma.

Says the OCC,

“Between roughly March 17, 2021 and 12 March 2024, the respondent darkened round $ 3,437,536 of the accounts of a number of prospects beneath the custody of the financial institution for his private profit, with out the information or authorization of the shoppers.”

In line with the OCC, Garrow was involved with unsafe and faulty practices and violations of the legislation that resulted in appreciable losses for the financial institution.

The regulator has now forbidden Garrow to work on the insured storage establishments, together with banks and credit score associations. The previous financial institution supervisor agrees with the problem of the order with out admitting or refusing the findings of the OCC.

The OCC promotion comes after Garrow has responsible of financial institution fraud and intentionally made and subscribed a false federal earnings tax. Garrow was sentenced to 71 months in jail final month. He was additionally instructed to pay $ 3.86 million in refund and $ 1,519 million to the IRS.

Public Prosecutors stated that Garrow fraudulent wire transfers and checks of cashier directed from at the least 16 buyer accounts to entities and financial institution accounts that he checked. If a buyer requested in regards to the transactions, Garrow blamed it to a financial institution error and the cash would stolen or cut back cash from the invoice of one other sufferer.

Mentioned the American lawyer Clint Johnson final month,

“Garrow misled folks for greater than 12 years, and his actions triggered havoc in financial institution employees who had the duty of correcting his errors. This was not a easy financial institution error or an accident, however relatively a felony schedule. Garrow abused the belief that was given to him by the financial institution and its prospects.”

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