Former Bank of America employee charged with fraud

A former Bank of America employee has been arrested and charged in connection with a multimillion-dollar scheme to misappropriate funds from customer accounts, according to the U.S. attorney for the Southern District of Florida.

Ricardo Figuerado surrendered to authorities on Thursday morning.

It is alleged that between the mid-1990s and May 2008, Figuerado misappropriated more than $11 million in customer funds for personal investments in Guatemala, Spain and elsewhere, and more than $1 million in customer funds “to support his lavish lifestyle,” according to a news release.

During the course of the scheme, the defendant’s responsibilities at the various banks included servicing customers who lived outside of the U.S., but who had accounts in South Florida.

Figuerado is alleged to have convinced those customers to conduct their banking business through him, and discouraged them from obtaining records that would allow them to monitor their account activity.

In some cases, he allegedly told customers that it was not safe for them to have account statements mailed to their home countries, and that online banking was not secure.

If convicted, Figuerado faces up to 30 years in prison.

Source: South Florida Business Journal

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