AUSA VICKIE E. LEDUC at 410-209-4885

APRIL 3, 2006

CHEVY CHASE BANK ADVISOR PLEADS GUILTY TO MISAPPLICATION OF BANK FUNDS

GREENBELT, Maryland - United States Attorney for the District of Maryland Rod J. Rosenstein announces that today Mark E. McCaffrey, age 32, of Chevy Chase, Maryland pleaded guilty to misapplication of bank funds.

According to the statement of facts provided to the court as part of the plea agreement, McCaffrey was employed by Bank of America as a private client advisor in the Private Client Banking group, and worked in the Bank of America office located in Chevy Chase. In June 2003, McCaffrey approached a Private Client Banking group customer and advised him to purchase a direct access note (“DAN”) in the amount of $500,000, stating that the DAN would pay about 2.5% over 12 months and mature in July 2004. On June 12, 2003, the customer handed McCaffrey a $500,000 check payable to Bank of America and received a DAN investment note agreement purportedly issued by Bank of America. In fact, Bank of America does not offer DAN investments. McCaffrey deposited the check into his own personal bank account and used the money to pay off a line of credit he obtained to build a new house.

In early June 2004, McCaffrey approached the customer again and asked him to extend his DAN for another 30 to 60 days. The customer declined and requested his principal and interest which was due. On July 19, 2004, McCaffrey wrote a check in the amount of $11,250 drawn on his own personal account and deposited that check into the customer’s account to represent the interest from the investment. At that same time, McCaffrey caused another bank employee to wire $500,000 to the customer’s bank account from an account controlled by another Bank of America employee, without that employee’s knowledge or permission. On July 20, 2004, Bank of America’s investigators became suspicious of the wire transfer and interviewed McCaffrey. McCaffrey gave conflicting stories before finally confessing to both transactions. On August 10, 2004, McCaffrey made full restitution to Bank of America.

McCaffrey faces a maximum sentence of 30 years imprisonment followed by 5 years of supervised release and a fine of $1,000,000. U.S. District Judge Deborah K. Chasanow has scheduled sentencing for June 5, 2006.

United States Attorney Rod J. Rosenstein praised the investigative work performed by the Federal Bureau of Investigation. Mr. Rosenstein also thanked Assistant U.S. Attorney Bryan E. Foreman who prosecuted the case.