Bank Employee Pleads Guilty to Bank Fraud in Connecticut

Strategic Insights -

Lee Blanchette, a 58-year-old relationship manager at Bank of America, has pleaded guilty to bank fraud charges in Connecticut. According to court documents, between August 2014 and March 2016, Blanchette used her authority to activate temporary ATM cards for a customer experiencing cognitive decline, withdrawing $103,080 without authorization and keeping a significant portion for herself. Blanchette faces up to 30 years in prison and has agreed to pay restitution to the bank. The investigation was led by the Federal Bureau of Investigation, and the case is being prosecuted by Assistant U.S. Attorney Jennifer R. Laraia.

Key Takeaways:

  • Lee Blanchette, a Bank of America relationship manager, pleaded guilty to one count of bank fraud in Connecticut.
  • Blanchette used her authority to activate temporary ATM cards for a customer experiencing cognitive decline, withdrawing $103,080 without authorization.
  • The investigation was led by the Federal Bureau of Investigation, and the case is being prosecuted by Assistant U.S. Attorney Jennifer R. Laraia.
  • Blanchette has agreed to pay restitution to Bank of America, which covered the victim's losses.
  • The maximum term of imprisonment for bank fraud is 30 years.
  • Blanchette scheduled to be sentenced on August 26, 2021.
  • The case highlights the importance of vigilance in preventing financial exploitation of vulnerable individuals.
  • The Justice Department has established a National Elder Fraud Hotline (1-833-FRAUD-11) to provide services to seniors who may be victims of financial fraud.

Statistics:

  • Loss incurred by Bank of America: $103,080
  • Number of temporary ATM cards activated by Blanchette: multiple (exact number not specified)
  • Period of time during which Blanchette committed the crime: August 2014 to March 2016
  • Maximum term of imprisonment for bank fraud: 30 years
  • Date of sentencing: August 26, 2021

Sources:

  • U.S. Department of Justice, Press Release, May 25, [no date specified]
  • Federal Trade Commission, National Elder Fraud Hotline, 1-833-FRAUD-11 (833-372-8311)