News and Press Releases

Former Bank of America Employee used Elaborate Scheme to raid Dormant Account

February 9, 2007

KEVIN J. WOOLLEY, 37, of Everett, Washington, was sentenced in U.S. District Court in Seattle today to 29 months in prison, five years of supervised release and $306,648 in restitution for Bank Fraud. WOOLLEY pleaded guilty June 26, 2006 to a 15 month scheme that involved embezzling hundreds of thousands of dollars from a Bank of America account. At the time of the embezzlement WOOLLEY was employed at the bank as a Small Business Client Manager. At sentencing U.S. District Judge Ricardo Martinez found, “this was an absolute abuse of trust of his position” at the bank.

According to records filed in the case, WOOLLEY was responsible for customer relations on an account held by GRE Insurance group. GRE had been bought out some years before by Liberty Mutual and most of the company accounts had been converted except for one containing a substantial amount of money. The account appeared to be dormant. WOOLLEY used his computer access at the bank to change the address associated with the account. WOOLLEY prepared wire transfer agreements and forged the signature of the person who had signing privileges on the account. WOOLLEY had a pin number for the account mailed to the address he had set up, and began to transfer funds out of the account. Some went to pay his mortgage, some went for trips, an RV or other luxury items. WOOLLEY even arranged to have some of the funds sent off shore to Antigua. WOOLLEY was able to embezzle $306,648 from the account. He attempted to steal an additional $42,000 right before the crime was detected – that money was recovered from the Antigua bank account.

The case was investigated by the FBI and was prosecuted by Assistant United States Attorney Vince Lombardi. For additional information please contact Emily Langlie, Public Affairs Officer for the United States Attorney’s Office, at (206) 553-4110.

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