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Dec 8, 2011

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Bank Branch Manager Arrested for Embezzlement

LAREDO, Texas – A former bank manager at a Laredo branch of BBVA Compass Bank has been arrested following the return of a six-count indictment charging her with embezzlement and misappropriation of bank funds, U.S. Attorney Kenneth Magidson announced today. 

Patricia Garcia Munoz, 50, of Laredo, Texas, was arrested this morning by agents with the United States Secret Service without incident. She is expected to make an initial appearance before U.S. Magistrate Judge Scott Hacker in Laredo later today or tomorrow.

The indictment returned under seal on Tuesday, Dec. 6, and unsealed today upon her arrest, alleges Munoz embezzled and misappropriated bank funds during her tenure as a BBVA Compass Bank manager in Laredo. She is accused of taking more than $70,000 of funds without authorization from the certificate of deposit accounts of one of BBVA Compass Bank’s customers. 

The three counts of embezzlement in which she is charged allege that between Jan. 20 and April 9, 2010, Munoz embezzled approximately $5365 of the moneys, funds, assets or securities entrusted to the custody or care of BBVA Compass Bank, a federally-insured financial institution. According to the indictment, she withdrew funds from a certificate of deposit issued by Compass Bank without the authorization of that customer or the bank and took personal possession of those funds. 

The indictment also charges Munoz with three counts of misapplication of funds. Those counts allege that in two instances on or about Nov. 13, 2009, and again on Feb. 1, 2010, Munoz willfully misapplied approximately $64,737 - withdrawing the funds from a certificate of deposit and transferring those monies to the unpaid balance of three loans in the name of another bank customer.  

Munoz no longer works for BBVA Compass Bank.

The investigation was conducted by agents with the United States Secret Service with the assistance of BBVA Compass Bank. The case is being prosecuted by Assistant United States Attorney D.J. Young.

An indictment is a formal accusation of criminal conduct, not evidence.
A defendant is presumed innocent unless convicted through due process of law.