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Justice News

Department of Justice
U.S. Attorney’s Office
District of Connecticut

FOR IMMEDIATE RELEASE
Tuesday, December 4, 2018

Former Bank Manager Who Embezzled $879K from CD Accounts is Sentenced

John H. Durham, United States Attorney for the District of Connecticut, announced that STEPHEN CARBONELLA, 60, of Hamden, was sentenced today by U.S. District Judge Robert N. Chatigny in Hartford to 21 months of imprisonment, followed by three years of supervised release, for embezzling funds from Webster Bank Corporation, where he served as bank manager of the Orange branch office.  Judge Chatigny also ordered Carbonella to serve the first six months of his supervised release in home confinement.

According to court documents and statements made in court, between approximately 2003 and 2017, Carbonella withdrew $879,016.48 from approximately 20 account holders’ certificate of deposit (CD) accounts at Webster Bank, without the knowledge or consent of the account holders, and used the embezzled funds for his own purposes.  He also took steps to conceal his misconduct, including by forging signatures and falsifying documents.

Judge Chatigny ordered Carbonella to pay full restitution.

On September 12, 2018, Carbonella pleaded guilty to one count of embezzlement by a bank officer or employee.

Carbonella, who is released on a $200,000 bond, is required to report to prison on January 29, 2019.

This matter was investigated by the Federal Bureau of Investigation and was prosecuted by Assistant U.S. Attorney John T. Pierpont, Jr.

Topic(s): 
Financial Fraud
Component(s): 
Updated December 4, 2018