A former JPMorgan Chase executive, Kevin Chiu, has been sentenced to 48 months in prison for stealing $2.4 million from bank clients.
Unauthorized Transfers
According to court documents, Chiu used his position to transfer funds out of client accounts without their knowledge or consent. He stole from at least six accounts belonging to five different clients.
Elderly Victim Targeted
One of the victims, a 74-year-old wheelchair-bound woman, lost $900,000 to Chiu’s scheme. He exploited her trust and had her sign blank transaction forms, which he used to steal her money. Chiu also created false account statements to hide the missing funds.
Personal Expenses and Cover-Ups
Chiu used the stolen funds to trade securities, pay personal expenses, and cover up his thefts from some accounts by replacing the missing funds with money stolen from other accounts.
Restitution and Probation
In addition to the prison sentence, Chiu has been ordered to pay $1.6 million in restitution. He will also be on probation for three years following his release.
