A former employee of a major Texas bank is facing serious consequences after pleading guilty to stealing over $123,000 from customer accounts.
Unauthorized Transfers
Martin Fernandez Jr., a former international sales representative at the International Bank of Commerce in Laredo, Texas, admitted to making unauthorized transfers from the accounts of two customers. The money, totaling approximately $123,563, was transferred between July 2018 and August 2021 to three of Fernandez’s associates.
How the Scheme Worked
In one instance, Fernandez helped a customer open a new account and then, without permission, transferred funds from that account to an associate. He repeated this pattern with multiple unauthorized transfers to different associates over several months, targeting at least two separate customer accounts.
Criminal Charges and Consequences
Fernandez has already pleaded guilty to third-degree felony theft in a Texas court. As a result of his actions, the Federal Deposit Insurance Corporation (FDIC) has banned him from working in any US bank or other FDIC-regulated financial institution. The FDIC stated that Fernandez’s actions constituted unsafe and unsound banking practices and caused financial losses for the bank.
