A former employee of Truist Bank, Derrick Alan Smith, has been accused of stealing over $24,000 from customer accounts.
Embezzlement Scheme
According to the Federal Deposit Insurance Corporation (FDIC), Smith used blank checks to withdraw funds from four different customer accounts without their knowledge or consent. The transactions occurred between April 23, 2019, and October 7, 2019.
Bank’s Response
Truist Bank reimbursed the affected customers and has since terminated Smith’s employment. The bank has also been ordered to pay a $35,000 civil penalty and a $24,315 restitution.
Criminal Charges
Smith was arrested and charged with felony forgery in South Carolina. He pleaded guilty to three counts of misdemeanor forgery.
FDIC’s Findings
The FDIC found that Smith’s actions were a violation of banking laws and demonstrated a disregard for the safety and soundness of the bank.
Truist Bank’s Size
Truist Bank is the eighth-largest commercial bank in the United States, with over $526 billion in assets.
