Wells Fargo Insider Steals $800,000 From Bank, Fabricates Records To Hide the Theft: DOJ

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Wells Fargo Insider Steals 0,000 From Bank, Fabricates Records To Hide the Theft: DOJ — bank stanley billion.jpg

Former Wells Fargo Employee Sentenced to Prison for Embezzling Over $800,000

A recent case of embezzlement has rocked Wells Fargo, as one of its former employees was found guilty of stealing more than $800,000 from the bank. The U.S. Department of Justice has revealed that Tamim Haidar, who worked as an assistant branch manager at the bank’s Union City branch in California, used his position to carry out the theft.

According to the United States Attorney’s Office for the Northern District of California, Haidar committed the offense between March 15th and October 5th of 2022. During this time, he stole money that was meant to be deposited into ATM machines and falsified database entries to cover his tracks. The stolen funds were transferred to his personal bank accounts and used to offset losses from foreign currency trading.

Haidar, who pleaded guilty to charges of embezzlement and engaging in monetary transactions derived from unlawful activity, has been sentenced to 18 months in prison. In addition to his prison term, he will be on supervised release for three years and has been ordered to pay back the stolen amount as restitution.