Ex-VP of Fifth Third Bank Toledo charged in $12M scheme
Wed, 26 Sep 2012 17:38:35 GMT —
The woman accused of scamming Fifth Third Bank out of $12 million while she was employed there now has a 44-count federal indictment against her.
According to the indictment, 54-year-old Paulette Roberts, the former vice president and loan officer at Fifth Third Bank in Toledo, falsified documents to obtain credit approval for large commercial loans which would have otherwise been declined.
In conjunction with these loans, the U.S. Department of Justice reports that Roberts solicited and accepted a gratuity payment from the borrowers. She then attempted to conceal these funds by creating a fake consulting business under which she invoiced borrowers for services not performed and accepted the gratuities, according to the indictment.
Roberts reportedly used the funds to buy two vehicles, gold coins and other assets. Fifth Third Bank of Toledo suffered a loss of $12 million as a result of defaults upon the loans.
The indictment charges Roberts with one count of conspiracy to commit financial institution fraud, one count of financial institution fraud, one count of bank bribery and 41 counts of money laundering.
"Financial crimes come in all shapes and sizes, from self-dealing to Ponzi schemes," said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio "In this case the defendant took advantage of her employer's trust in an effort to enrich herself."
Roberts is currently free on bond.