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Press Release

West Haven Man Admits Embezzling Funds From Bank In New Canaan Where He Was Employed

For Immediate Release
U.S. Attorney's Office, District of Connecticut

Deirdre M. Daly, United States Attorney for the District of Connecticut, announced that STEPHEN DeCRESCENZO, 37, of West Haven, waived his right to indictment and pleaded guilty today before U.S. District Judge Janet Bond Arterton in New Haven to one count of wire fraud stemming from an embezzlement scheme.

According to court documents and statements made in court, DeCRESCENZO was employed as personal banker for JPMorgan Chase Bank in New Canaan.  Between approximately September 2008 and November 2011, DeCRESCENZO embezzled $106,028 in funds from customer accounts by transferring the funds into a separate customer account to which he had access.  As part of his scheme, DeCRESCENZO disguised numerous withdrawals from the accounts as authorized cash withdrawals by customers when, in fact, he had stolen the money.  DeCRESCENZO also wired funds stolen from a customer account into another bank account for his personal benefit.

Judge Arterton scheduled sentencing for February 17, 2015, at which time DeCRESCENZO faces a maximum term of imprisonment of 20 years.

DeCRESCENZO was released on a $50,000 bond.

DeCRESCENZO, who was a member of the West Haven City Council, resigned from the Council today.

This investigation is being conducted by the Connecticut Financial Crimes Task Force, the Greenwich Police Department and the New Canaan Police Department.

This case is being prosecuted by Assistant U.S. Attorney Douglas P. Morabito.


Tom Carson
(203) 821-3722

Updated March 18, 2015