An worker at a billion-dollar financial institution transferred a large pile of money from buyer accounts with out permission for his personal functions, in response to the Federal Deposit Insurance coverage Company (FDIC).
In a brand new submitting, the FDIC alleges that whereas working as a world gross sales consultant on the Worldwide Financial institution of Commerce in Laredo, Texas, Martin Fernandez, Jr. “made unauthorized transfers of roughly $123,563” from the accounts of two prospects between July of 2018 and August of 2021.
In response to the FDIC, Fernandez moved the cash to 3 of his identified associates.
The US banking regulator says that considered one of Fernandez’s victims was an Worldwide Financial institution of Commerce buyer who wished to open a brand new account. After the account was opened, Fernandez then helped the shopper switch funds to the newly created account on or about July 18th of 2019. The next day, Fernandez made a number of transfers from the shopper’s newly created account to an affiliate with out authorization.
Between 5 and 7 months later, Fernandez made a number of unauthorized transfers from the identical account to a different affiliate with out the shopper’s permission.
Quick ahead to between July twentieth of 2020 and August twelfth of 2021, Fernandez additionally initiated a number of unauthorized transfers from the account of one other buyer to one more affiliate.
The banking regulator says that the previous Worldwide Financial institution of Commerce worker has already been criminally charged.
“On October 19, 2023, Respondent entered a responsible plea within the District Court docket of Webb County, Texas, to at least one rely of third diploma felony theft based mostly on the misconduct simply summarized.”
The FDIC says Fernandez’s actions, which brought on the Worldwide Financial institution of Commerce a monetary loss, violated the regulation and constituted unsafe and unsound banking practices. Consequently, Fernandez is barred from working in US-based banks and different monetary establishments regulated by the FDIC.
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