AUSA VICKIE E. LEDUC at 410-209-4885

August 3, 2006

BALTIMORE WOMAN SENTENCED TO 46 MONTHS IN PRISON IN WIRE TRANSFER AND CREDIT CARD FRAUD SCHEMES

Obtained More than $860,000 Through the Schemes

BALTIMORE, Maryland - Bryn D. Phillips, age 31, of Baltimore, Maryland, was sentenced today to 46 months in prison, followed by 5 years of supervised release for bank and mail fraud schemes in which she illegally obtained $860,751.88 in money, products and services by defrauding her employer, Old Mutual Financial Network (“OMFN”) and banks, announced United States Attorney for the District of Maryland Rod J. Rosenstein. The investigation resulted in the recovery of $456,480.22 and U.S. District Judge William M. Nickerson ordered Phillips to forfeit an additional $404,271.66.

Phillips worked at OMFN as the Treasury Operations Manager. In a statement of facts provided to the court on May 16, 2006 at her guilty plea, Phillips admitted that from October 2, 2002 to December 30, 2004, she obtained $708,049.42 by falsely representing to Wachovia Bank that OMFN gave her authority to wire transfer monies from OMFN accounts at Wachovia Bank to Municipal Employees Credit Union (“MECU”) and other Wachovia Bank accounts controlled by Phillips. She also caused checks to be drawn against OMFN’s account at Wachovia Bank that were payable to entities controlled by Phillips, her relatives and associates, and withdrew monies intended to pay business expenses from OMFN accounts. Phillips also used names and passwords of employees under her supervision to execute the wire transfers.

Phillips also admitted that she obtained $152,702.46 in monies, personal property and services from September 2003 until January 20, 2005 by abusing a corporate credit card issued to her for OMFN business expenses. Phillips initially submitted reimbursement requests to other OMFN employees and later reviewed and authorized payments for the corporate credit card herself. The fraud allowed Phillips to make a number of unauthorized credit card purchases and obtain a variety of products, services and trips, including services and lodging at the Venetian Hotel in Las Vegas, Nevada; personal property including two Louis Vuitton handbags, a $4,095 pink mink jacket with faux trim, and jewelry; home improvements; and professional basketball tickets.

United States Attorney Rod J. Rosenstein praised the investigative work performed by the Federal Bureau of Investigation and the U.S. Postal Inspection Service. Mr. Rosenstein also thanked Assistant U.S. Attorney Harry M. Gruber, who is prosecuting this case.