Truist Bank Employee Accused of Unauthorized Transfers to Fund Personal Expenses
The Federal Deposit Insurance Corporation (FDIC) has launched a formal enforcement action against a Truist Bank employee accused of making unauthorized transfers totaling over $374,000. The employee, Danielle Solomon, allegedly used funds from customer accounts to pay for her husband Jesse’s expenses without authorization.
The Case of Danielle Solomon
The FDIC alleges that Danielle Solomon, a Truist Bank employee, carried out these unauthorized transactions. According to the FDIC’s official document, Solomon initiated ACH transfers amounting to $21,618 from a customer’s account to cover her husband’s Citibank credit card debt. The victim is an elderly individual over 80 years old.
Despite admitting to the transactions, Solomon claimed she had discussed them with the victim. However, the FDIC’s investigation uncovered several additional unauthorized transactions involving other customer accounts.
Extent of Unauthorized Transactions
On February 10, 2021, Solomon allegedly transferred $230,000 from another elderly customer’s account without authorization. The funds were wired to the Polk County Clerk of Courts to fund a bidding account for back tax properties in Polk County, Florida. Jesse Solomon later requested and received a full refund of the $230,000, which he deposited into his E*TRADE Bank account.
In another incident, on January 27, 2020, Solomon reportedly wired $108,000 from J.L.’s account to a pass-through account. Subsequently, $107,960 was moved from the pass-through account to Jesse’s E*TRADE Bank account. Multiple ACH transactions totaling $14,450 were also made from J.L.’s account between June 8, 2020, and January 4,2021, to pay Jesse’s Citibank credit card balances.
Impact on Truist Bank
The FDIC states that Solomon’s actions caused significant financial loss to Truist Bank, amounting to $374,068. Truist Bank promptly terminated her employment upon discovering the unauthorized transactions. However, the FDIC’s investigation revealed that transactions linked to the victim’s accounts continued even after Solomon was terminated.
On March 12, 2021, Solomon made a deposit of $21,618.31 into another elderly customer’s account (J.H.). Additionally, on April 7, 2021, an attempted check deposit of $232,548.36 was made from J.H.’s own Merrill Lynch account into his account at the Haines City branch of Truist Bank.
FDIC Enforcement Action
In response to these fraudulent activities, the FDIC has filed a formal enforcement action against Danielle Solomon. The regulator is seeking to compel her to pay $352,450 in restitution and ban her from working in the banking industry without prior regulatory approval.
Solomon has been given 20 days to respond to the enforcement action and request a hearing.
Preventing Banking Fraud
Incidents like Solomon’s highlight the critical need for robust internal controls to prevent unauthorized transactions within financial institutions. Banks must remain vigilant and ensure that employees adhere to strict protocols to safeguard customer funds and maintain trust.
Disclaimer: Opinions expressed in this article are not investment advice. Investors should conduct thorough due diligence before engaging in any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades carry inherent risks. The opinions and claims expressed in this article are for informational purposes only and do not constitute financial advice.
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