A Wells Fargo employee abused his inside position to steal hundreds of thousands of dollars from the bank, according to the U.S. Department of Justice.
The United States Attorney’s Office for the Northern District of California says Tamim Haidar drained more than $800,000 from the bank while working as an assistant branch manager at the trillion-dollar lender’s branch in Union City, California.
Haidar worked at the Union City branch as an assistant branch manager from around November 22nd of 2013 to October 5th of 2022.
He committed the offense between March 15th of 2022 and October 5th of 2022.
“Haidar admitted that he would steal money that was supposed to be deposited into ATM machines, and that he made false database entries to hide his theft. Haidar admitted that he transferred the money he stole to his personal bank accounts, and used the stolen funds to make up losses he incurred engaging in foreign currency trading.”
Haidar, who pleaded guilty to one count of embezzlement by a bank employee and two counts of “engaging in monetary transactions in property derived from specified unlawful activity,” will now serve one and a half years in prison.
He will also be on supervised release for three years. Haidar will also have to pay over $0.8 million in restitution.
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This post Wells Fargo Insider Steals $800,000 From Bank, Fabricates Records To Hide the Theft: DOJ may be modified as updates unfold.
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