A Union City, Calif., banker – alleged to have embezzled more than $800,000 from a Wells Fargo Bank branch over about eight months to cover bets on foreign exchange — has been prohibited from further service in federally insured financial institutions, the national bank regulator said Thursday.
The Office of the Comptroller of the Currency (OCC) said Tamim Haidar, former branch operations associate manager of Wells Fargo Bank in Union City, was barred from further service. In addition to the embezzlement allegation, Haidar was also charged with falsifying bank records.
Haidar signed a consent agreement with the OCC, in which he neither admitted nor denied any wrongdoing.
According to the agency, Haidar was a nine-year employee of the bank, whose employment ended in 2022. The agency alleged that, from at least March 15 of that year, until Oct. 5, Haidar embezzled funds from bank branch ATMs and his cash line. He also allegedly falsified bank records and “force-balanced” the branch ATM and vault daily balances to conceal his embezzlement, the OCC claimed.
“Respondent embezzled funds from the Bank to cover losses associated with bets on the foreign exchange currency market,” the OCC said. “Respondent’s monthly foreign exchange account statements from March to at least June 2022 reflect heavy losses, exceeding $100,000, at the end of each month.”
The OCC said on Oct. 5 the bank conducted a surprise audit at the bank branch and discovered ATM shortages totaling $948,162. “The audit also uncovered $1,000 in counterfeit $100 bills in Respondent’s cash drawer,” the OCC said.
Haidar resigned that day, the OCC said.
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