US has taken actions against two bank employees for embezzling banks’ and customer’s funds. US Federal Reserve has executed enforcement actions against Jacob Hilton – Former employee of United Bank, Fairfax, Virginia, for embezzling bank funds.
Hilton was hired by the Bank on February 10, 2020, and was a manager at the Parkersburg, West Virginia branch until his termination on August 27, 2024. Between June and August 2024, Hilton embezzled $39,862 from the Bank’s vault and teller drawers.
US has also taken actions against Klaus Koberstein – Former employee of East Cambridge Savings Bank, Cambridge, Massachusetts, for misappropriating customer funds. Koberstein was employed as a Senior Sales Associate at the Bank’s Highland Avenue Banking Center in Somerville, MA, from October 13, 2015, until his termination on March 28, 2024.
In a series of transactions from January 23, 2023, until May 30, 2023, Koberstein misappropriated approximately $12,500 from the account of a deceased Bank customer for his own personal benefit.
Both the employees have been banned from:
- Participating in the affairs of any insured depository institution
- Working for or serving as an officer, director, or employee of any bank or bank holding company
- Voting shares or attempting to influence voting rights in such institutions
- Violating any previously approved voting agreements
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