Gloucester County, New Jersey, Woman Admits Role In $600,000 Embezzlement And Money Laundering Scheme
CAMDEN, N.J. – A Gloucester County, New Jersey, woman today admitted embezzling more than $600,000 from dormant TD Bank customer accounts, U.S. Attorney Paul J. Fishman announced.
Telisha Trent, 43, of Williamstown, New Jersey, pleaded guilty before U.S. District Judge Renee Marie Bumb in Camden federal court to an information charging her with one count of bank fraud and one count of money laundering.
According to documents filed in this case and statements made in court:
From Aug. 9, 2014, through Sept. 11, 2015, Trent used her position as a financial services representative and bank teller at a TD Bank branch in Sewell, New Jersey, to identify dormant checking and savings accounts, primarily held by elderly TD Bank customers. Trent would research the account holder in order to assess the risk of whether the account holder would notice that the funds in the account were removed. She would steal the money in the dormant account by transferring the funds to accounts she controlled or have a cashier’s check issued in her name.
Trent then transferred the funds through a series of accounts that she controlled in order to hide her fraud. Also, in order to avoid detection, Trent closed the dormant accounts. Trent admitted obtaining $608,000 in cash from eight TD Bank customers in New Jersey, Connecticut, and Ohio. She admitted to spending the money on home renovations, lavish trips, two luxury BMW sedans, items for her children, and other items.
After the fraud was discovered, TD Bank reimbursed the victims for the money and funds stolen by Trent.
The count of bank fraud carries a maximum potential penalty of 30 years in prison and a $1 million fine; the count of money laundering carries a maximum potential penalty of 10 years in prison and $250,000 fine. Sentencing is scheduled for Nov. 7, 2016.
U.S. Attorney Fishman credited special agents of the FBI’s South Jersey Resident Agency, under the direction of Special Agent in Charge William F. Sweeney Jr. in Philadelphia, with the investigation leading to today’s guilty plea.
The government is represented by Assistant U.S. Attorney Matthew T. Smith of the U.S. Attorney’s Office in Camden.
Defense counsel: James Conley Esq., Haddon Heights, New Jersey