An employee of a billion-dollar lender is facing a ban from the banking industry after stealing her employer’s funds.
In a new enforcement action, the Federal Reserve says it is issuing a prohibition order against Mollie Morrow over accusations of stealing funds while working as a sales representative at United Bank’s branch in Washington, North Carolina.
“…between October 2021 and August 2023, Morrow embezzled $33,136 from the Bank by misappropriating cash while the Bank replenished its automated teller machines…”
According to the Federal Reserve, Morrow has entered a guilty plea on the embezzlement charges and was ordered to make full restitution to United Bank. Morrow’s employment at United Bank was terminated in August of 2023.
“…Morrow’s conduct constituted violations of law or regulation, breaches of fiduciary duty, and unsafe or unsound banking practices, and involved Morrow’s personal dishonesty and demonstrated her willful or continuing disregard for the Bank’s safety and soundness…”
The Federal Reserve is subsequently prohibiting Morrow from “participating in any manner in the conduct of the affairs of any institution or agency” that qualifies as a federally insured bank, a foreign bank or their subsidiaries. Morrow has consented to all the provisions of the prohibition order.
As of December 31st of 2025, United Bank was the 63rd-largest bank in the US with $33.55 billion in total assets.
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This post Bank Insider Steals $33,136 From Lender While ATMs Are Being Replenished, According to the Federal Reserve appeared first on The ICD.
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