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Justice News

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

FOR IMMEDIATE RELEASE
Friday, October 2, 2020

Former Client Relationship Manager at Bank of America Pleads Guilty To Embezzling From Client Company

Defendant used embezzled funds to purchase Porsche SUV and luxury items

BOSTON – A former client relationship manager at Bank of America pleaded guilty today in connection with embezzling $1.5 million from a client company and using a portion of those funds to purchase luxury items.

Waqas Ali, 31, of Abington, pleaded guilty to wire fraud and unlawful monetary transactions before U.S. District Court Chief Judge F. Dennis Saylor IV, who scheduled sentencing for Feb.1 2021. Ali was charged in August 2020.

Ali was the client relationship manager for the victim company, which was a Bank of America client. Ali opened a checking account in the name of the victim company without its knowledge or authorization, and between September 2016 and July 2017, fraudulently transferred over $1.5 million from the victim company’s accounts to a fraudulent account.

Ali used over $600,000 of the funds he fraudulently obtained to fund his lifestyle and pay for luxury items, including a Porsche SUV and retail items at Neiman Marcus, Bloomingdales, Christian Louboutin and Tag Heuer.

The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of $250,000. The charge of unlawful monetary transactions provides for a sentence of up to 10 years in prison, three years of supervised release, a fine of $250,000, restitution and forfeiture. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

United States Attorney Andrew E. Lelling and Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division made the announcement today. Assistant U.S. Attorney Mackenzie A. Queenin of Lelling’s Securities, Financial & Cyber Fraud Unit is prosecuting the case.

Topic(s): 
Financial Fraud
Component(s): 
Updated October 2, 2020