Former PNC Financial Advisor Charged with Bank Fraud
The United States Attorney’s Office for the Middle District of Pennsylvania announced today the filing of criminal charges against Nicholas J. Polito, Jr., age 65, of Dunmore, Pennsylvania. The Information alleges that between 2005 and November 16, 2011, Polito devised and executed a scheme to defraud PNC Bank and approximately eight customers in Lackawanna County, Pennsylvania, of approximately $536,000.
According to United States Attorney Peter J. Smith, Polito was allegedly an Investment Broker at PNC Bank in Scranton, until August 2010, and then held the position of Senior Financial Advisor with another financial company. Allegedly, it was part of the scheme that:
● Polito fraudulently forged investors' names on the back of the checks and deposited said checks into his PNC investment account.
● Polito fraudulently transferred funds from clients' accounts to his personal PNC Investment account.
● Polito fraudulently transferred the stolen funds from his investment account to his personal checking account.
● Polito fraudulently provided a victim investor with fictitious account statements portraying an investment account in the victim name that did not exist.
Through this scheme, Polito allegedly defrauded PNC Bank and the customers, all of whom were greater than 65 years of age.
Polito is charged with one count of bank fraud, a charge that carries a potential maximum sentence of 30 years’ imprisonment and $1,000,000 in fines, plus restitution.
The U.S. Attorney’s Office also filed a plea agreement which must be approved by the U.S. District Court.
The case was investigated by the Federal Bureau of Investigation and United States Secret Service. Prosecution has been assigned to Assistant United States Attorney John Gurganus.
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