The US Federal Reserve has issued enforcement action against Mollie Morro, Former employee of United Bank, Fairfax, Virginia for Embezzlement of bank funds.
United Bankshares, Inc. is a bank holding company dual-headquartered in Charleston, West Virginia and Fairfax, Virginia with operations in West Virginia, Virginia, the District of Columbia, Maryland, Ohio, Pennsylvania, North Carolina, South Carolina, and Georgia in the United States. United Bankshares is the parent company of United Bank which comprises nearly 250 offices in eight states. In addition, UBSI is the parent company to subsidiaries George Mason Mortgage, United Brokerage, and Crescent Mortgage.
Based on total deposits, United Bank is the largest bank headquartered in West Virginia and the second largest bank operating in West Virginia, after Truist Financial. It is the eighth largest bank operating in Virginia and the tenth largest bank operating in the District of Columbia.
Morrow worked as a sales representative at the Bank’s Washington, North Carolina branch until her termination on August 1, 2023. Between October 2021 and August 2023, Morrow embezzled $33,136 from the Bank by misappropriating cash while the Bank replenished its automated teller machines.
On December 10, 2024, Morrow was convicted of embezzlement in violation of North Carolina law as a result of her conduct described herein, and she was ordered to make full restitution to the Bank.
Action taken against Employee
- Employee has been banned from working in any bank or financial institution.
- Employee cannot take part in any banking activities or operations.
- Employee is not allowed to join as officer, director, or employee in any bank.
- Employee cannot participate in decision-making or management of any financial institution.
- Employee is not allowed to vote or influence voting in banking matters.
- Employee is transfer or handle any authorization or proxy related to banks.
- Employee is prohibited from violating any rules or agreements set by banking authorities.
