A US bank manager is accused of using counterfeit checks to steal cash from customers, triggering tens of thousands of dollars in losses to the lender.
The Federal Reserve has issued an order of prohibition against Nicholas Sheeley, who worked as a deposit services manager at Commerce Bank from June of 2019 until his termination in August of 2023.
According to the Fed, Sheeley created counterfeit checks and stole $28,500 from customer funds, forcing the bank to absorb the losses by making the victims whole.
He also allegedly ran a scheme to overcharge customers when handling check adjustment cases. When fund imbalances appeared, the Fed says Sheeley hid the shortages from the scheme by altering general ledger entries and shifting funds between adjustment case accounts.
“WHEREAS, Sheeley’s conduct constituted violations of law or regulation, breaches of fiduciary duty, and unsafe or unsound banking practices, and involved Sheeley’s personal dishonesty and demonstrated his willful or continuing disregard for the Bank’s safety and soundness.”
The prohibition order bars Sheeley from working at or participating in the activities of any FDIC-insured bank, holding company, or affiliated entity without getting prior approval. The former Commerce Bank manager has consented to the provisions of the order without admitting or denying the Fed’s allegations.
Commerce Bank is the 64th-largest commercial bank in the US, with more than $32 billion in assets, according to the Federal Reserve.
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