According to a recent report, a billion-dollar institution is being sued for more than $200,000. The money vanished after it was deposited in the account of a deceased man.
FirstBank is being sued by the estate of John Lindy Steward, who died in 2007. The bank was promptly informed of Steward’s death.
Virgin Islands Consortium reported that Reverend Arlington Chaseau notified FirstBank in May 2021 of Steward’s death and had left the account unattended for more than two years.
Chaseau, however, received notifications in December 2023 that transactions had been declined due to lack of funds.
The bank did not freeze the account when the death certificate was received, he says.
According to the lawsuit, withdrawals started in September 2022. This includes payments made to a Discover Credit Card and ACH transfers into an external account.
FirstBank admitted that the activity could be fraud but launched an investigation only after Chaseau had filed a report with police in June 2024.
The bank identified a former teller suspected of stealing $450,000 out of Steward’s account since 2017.
Ex-employee arrested on January 20, 2025. He now faces charges of embezzlement and awaits trial. FirstBank is being sued for compensatory damages and punitive damage.
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