Former employee of California bank prohibited following charges of stealing $100k from customer

A former worker of a California bank has agreed to be prohibited from future employment at any other financial institution following charges the employee stole more than $100,000 from a bank customer, the Federal Reserve said Tuesday.

The agency said Thang Nguyen, a former employee of East West Bank of Pasadena, Calif., who served as a banking associate at the bank’s Richardson, Texas branch, misappropriated $101,000 from a bank customer for his personal benefit. The act, the agency said, occurred over the period of March 10, 2017, to June 20, 2018.

The Fed said Nguyen’s actions cost the bank $101,600 and posed “legal and reputational risks to the bank.” The Fed also noted that Nguyen has agreed to pay restitution to the bank in the full amount of the loss and consented to the prohibition. The prohibition remains in place unless the Fed or other federal financial institution regulator provides its prior written approval of employment.

In other action, the Fed announced the termination of enforcement actions against Markesan State Bank of Markesan, Wis. (first imposed in September 2017) and against Banco Espírito Santo, S.A., of Lisbon, Portugal, and Espírito Santo e Comercial de Lisboa, Inc., of Newark, N.J. (first imposed in April 2012).

Federal Reserve Board issues enforcement action with former employee of East West Bank and announces termination of enforcement actions with Markesan State Bank, Banco Espírito Santo, and Espírito Santo e Comercial de Lisboa, Inc.

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