Fed bars former bank employee who tapped into elderly customer’s account

A former sales and service representative at a Fayetteville, Ark., branch of Arvest Bank who transferred money from an elderly customer’s account to her own has been barred by the Federal Reserve Board from future service in any federally insured financial institution.

In a Nov. 17 consent order announced Tuesday, the Federal Reserve said Chandlar Groce was employed at the bank branch from Aug. 9, 2021, until her termination May 12, 2022. The order states that in April 2022 an elderly bank customer reported a total of $6,617.24 in unauthorized withdrawals from their account. It said Groce, from March through April 2022, made transfers from the customer’s account to her own accounts without authorization, action that constituted elder abuse.

Groce’s unauthorized transactions were contrary to bank policy, constituted a range of violations and “caused the Bank to suffer a financial loss and posed financial, legal, and reputational risks to the Bank,” the order states.

Federal Reserve Board issues enforcement action with former employee of Arvest Bank