Ex-BofA banker pleads guilty to theft, gets prison: Massachusetts AG

March 18th, 2014 by admin Leave a reply »

Ex-BofA banker pleads guilty to theft, gets prison: Massachusetts AG

A sign for a Bank of America office is pictured in Burbank, CaliforniaA former personal banker at Bank of America Corp pleaded guilty on Monday to stealing more than $2.1 million from 31 people in a Ponzi-like scheme, and was sentenced to between three and five years in prison, Massachusetts Attorney General Martha Coakley said. Elaina Patterson, 54, pleaded guilty to 31 larceny counts before Massachusetts Superior Court Judge Peter Lauriat over a scheme that lasted from 1999 to 2011 and targeted friends, family and the elderly, among others, Coakley said. The judge also sentenced Patterson, a resident of Wilmington, Massachusetts, to 10 years probation to be served after the prison term, Coakley said. According to the attorney general, Patterson persuaded 15 family members and friends to invest nearly $4.5 million in accounts that she claimed carried high interest rates, and which she could set up by virtue of her position at a Bank of America branch in Reading, Massachusetts, about 14 miles north of Boston.

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Business News Headlines – Yahoo! News

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