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Tuesday, February 15, 2011

Department of Justice

United States Attorney William C. Killian Eastern District of Tennessee


SHAUN KIDD SENTENCED TO 60 MONTHS IN PRISON FOR CAUSING AND INDUCTING THE MISAPPLICATION OF BANK FUNDS

CHATTANOOGA, Tenn -- Shaun Kidd, 37, of Chattanooga, Tenn., was sentenced to 60 months in the U.S. District Court for the Eastern District of Tennessee at Chattanooga, by the Honorable Harry S. Mattice, Jr., United States District Judge. The sentence was the result of a guilty plea entered by Kidd on September 27, 2010, to a charge of causing and inducing the misapplication of bank funds. Kidd was ordered to pay restitution in the amount of more than $75,000.00.

In 2008 and 2009, Kidd persuaded a teller at SunTrust Bank to allow him to withdraw funds from customer accounts at SunTrust Bank on several occasions without authorization, and the teller intentionally and fraudulently allowed the transfer of the funds from those accounts to Kidd’s PayPal. Ultimately, some of the funds were directed to accounts over which she had control, converting those funds unlawfully to her own use as well. One such intentional and fraudulent withdrawal on October 28, 2008, was that charged in the case, in which the teller assisted in the misapplication of $40,000 of the funds entrusted to SunTrust Bank within the account of another depositor by allowing the withdrawal of those funds from the depositor’s account into Kidd’s PayPal account.

The successful prosecution of Kidd was the result of an investigation conducted by the Secret Service. Assistant U.S. Attorney John MacCoon represented the United States.

U.S. Attorney Bill Killian stated, “The Department of Justice is emphasizing the prosecution of financial fraud. The U.S. Attorney’s Office in the Eastern District of Tennessee will investigate, seek grand jury indictment, and pursue convictions for all forms of financial fraud. Federally insured financial institutions should not be the victims of financial fraud. This sentence should serve notice that serious prison sentences await those who commit the fraud. This defendant was given an enhanced sentence by the Court, due to his extensive criminal history.”

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