Federal Deposit Insurance Corporation reports that an employee of a bank worth billions transferred cash to himself without the permission of customers.
The FDIC has filed a complaint alleging that Martin Fernandez Jr., while employed as an International Sales Representative at the International Bank of Commerce, Laredo (Texas), “made unauthorized transfers of approximately $123 563” between July 2018 and August 2021 from two customer accounts.
Fernandez, according to the FDIC’s report, transferred the funds to three known associates.
According to the US Banking regulator, one of Fernandez’s victims was a customer of International Bank of Commerce who wanted a new bank account. Fernandez helped the client transfer money to his newly opened account around July 18, 2019. Fernandez then made multiple transfers to associates from the newly opened account of a customer without their authorization. This occurred on or around July 18th, 2019.
Five to seven months after the initial transfer, Fernandez transferred money from the account of the client’s associate multiple times without permission.
Fernandez initiated numerous unauthorized transfers between the 20th July 2020 and 12th August 2021 from another customer’s account to another associate.
According to the banking regulator, a former International Bank of Commerce worker has been charged criminally.
On October 19, 2023 Respondent entered into a guilty plea before the District Court of Webb County in Texas to one charge of theft of the third degree, based on misconduct summarized above.
FDIC claims Fernandez violated law, and that his actions caused International Bank of Commerce to suffer a loss. They also constituted unsound and unsafe banking practices. Fernandez has been barred by the FDIC from all US banks, and any other financial institution regulated under its jurisdiction.
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The post Billion-Dollar Bank Employee Transfers Secretly $123,000 from Customer Accounts to his Associates: FDIC can be updated as new information becomes available.
