Six former banking employees barred over fraudulently obtaining loans, grants under CARES Act

Six former bank employees – four from Regions Bank, Birmingham, Ala., and two from Merrill Lunch Wealth Management, Charlotte, N.C., a subsidiary of Bank of America – have been barred from future employment in the banking industry for fraudulently obtaining loans and grants administered under the 2020 pandemic-relief statute.

The six individuals obtained their loans and grants – ranging from a low of $9,000 to a combined total for one individual of $21,600 – from an economic injury disaster loan (EIDL) program at the Small Business Administration that was expanded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The Fed said the six barred individuals are Dedryck O. Carson, Wendy Rodriguez Legon, Michael T. Lemley, and Tracy L. Mallory, all formerly of Regions Bank; and Autumn Jordan and Manuel F. Pinazo, both formerly of Merrill Lynch Wealth Management.

Federal Reserve Board announces it has prohibited six former bank employees from future employment in the banking industry for fraudulently obtaining loans and grants administered under the Coronavirus Aid, Relief, and Economic Security (CARES) Act