Investment Banker Pleads Guilty to Embezzling From Elderly Customers
A former employee of PNC Investments has pleaded guilty in United States District court to two counts bank fraud for executing a scheme and artifice to defraud PNC Bank and its customers announced David J. Hale, United States Attorney for the Western District of Kentucky.
According to court records, between October 24, 2006 and June 10, 2010, William T. Hernandez, age 41, of Radcliff, Kentucky while employed by PNC Investments, knowingly and with intent to defraud, caused monies to be withdrawn from an account with PNC Investments. Hernandez has admitted to depositing the money into a PNC Money Market Savings Account, then issuing cashier’s checks for his personal benefit and gain, causing a loss of over $250,000. Between July 1, 2010 and October 20, 2010 Hernandez executed a similar scheme while an employee of PNC Investments, by withdrawing money from a PNC Investments account, depositing the funds into a PNC Bank account and issuing cashier’s checks for his personal benefit and gain, causing a loss of over $60,000. According to the plea agreement, Hernandez will be responsible for payment of restitution to the victims of the crime, including PNC Bank, which in total will be an amount in excess of $400,000. Hernandez is scheduled for sentencing in United States District Court, Louisville before Chief Judge Thomas B. Russell on September 20, 2011 at 12:15 p.m.. The case is being prosecuted by Assistant United States Attorney Jim Lesousky, and it was investigated by the FBI.