Bank employee steals over $105,000 in benefits meant for customer who died, feds say
Four months after the death of a bank customer, a New Jersey bank employee started stealing the customer’s Social Security retirement benefits, court documents say.
The man drained his former customer’s account of more than $105,000 at a bank in Nutley, located in Essex County, according to the U.S. Attorney’s Office for the District of New Jersey.
Since the Social Security Administration wasn’t immediately alerted to the customer’s death in August 2014, the agency deposited $2,372 in monthly benefits into their account for about four years, an indictment says.
From January 2015 to October 2018, the bank employee emptied the former customer’s accounts by obtaining debit cards in their name and withdrawing the money, according to prosecutors and the indictment.
The indictment charges the 35-year-old Passaic resident with wire fraud, the attorney’s office announced in a Dec. 13 news release.
Information regarding the man’s legal representation wasn’t immediately available Dec. 15.
If convicted, the bank employee could face up to 30 years in prison and up to a $1 million fine, according to the release.
In addition to acquiring debit cards in the deceased customer’s name, the man also “registered new accounts with a money service provider” in their name and withdrew benefits “from a second bank account” under their name, prosecutors said.
SSA retirement benefits are meant to replace a portion of a person’s income after they retire or work fewer hours than before.
After the man appeared in court Dec. 13, he was released on a $100,000 unsecured bond, according to the release.
It’s unclear at what bank the man works. Prosecutors and the indictment didn’t provide additional details about his employment.
Passaic is about 15 miles northwest of New York City.
This story was originally published December 15, 2023 at 4:54 PM with the headline "Bank employee steals over $105,000 in benefits meant for customer who died, feds say."
.jpg)