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August 19, 2009

WACHOVIA BANK EMPLOYEE CHARGED WITH EMBEZZLEMENT, ID THEFT AND BANK FRAUD

(HOUSTON) – Juan Rombado, a former Wachovia Bank employee, has been indicted with four counts of bank fraud, two counts of embezzlement and four counts of aggravated identity theft, United States Attorney Tim Johnson announced today. The indictment was returned by a federal grand jury on Monday, Aug. 17, 2009.

Rombado, 46, of Houston, was arrested late Tuesday, Aug. 18, 2009, by investigating agents. He appeared before United States Magistrate Judge Milloy this morning and has been ordered released on bond. 

According to allegations in the 10-count indictment, between March 2007 through November 2007, while employed as a financial specialist at the N. Eldridge Parkway branch of Wachovia Bank, Rombado defrauded the federally insured bank as well as some of its customers of approximately $16,742. As a “financial specialist” for the bank, Rombado was responsible for processing personal loan applications. He allegedly used his position to execute a check kiting scheme which involved stealing and using the identities of four different bank customers and loan applicants to open fraudulent bank accounts. Rombado then allegedly issued unfunded checks from the fraudulent accounts, deposit the checks into his personal bank account and immediately withdrew the funds represented by the fraudulent checks from his account effectively taking advantage of the time lapse between the deposit and withdrawal of money represented by the unfunded checks and the deduction of the money from the unfunded account. Romabado is also accused of using stolen identities to apply for credit cards and obtaining cash advances.  

If convicted of bank fraud and/or embezzlement, Rombado faces up to 30 years imprisonment and a $1 million fine. The penalty for aggravated identity theft is a mandatory sentence of two years imprisonment. 

The charges against Rombado are the result of an investigation conducted by the United States Secret Service and the Houston Area Fraud Task Force. Special Assistant United States Attorney Justo A. Mendez is prosecuting the case.

An Indictment is a formal accusation of criminal conduct, not evidence.
The defendant is presumed innocent unless and until convicted through due process of law.

 

 

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