A former employee of a US bank has confessed to the Federal Deposit Insurance Corporation (FDIC) that he stole thousands of dollars from customers’ accounts.
The FDIC has accused Derrick Alan Smith of violating laws and engaging in unsafe practices while working as a branch banker at Truist Bank in North Carolina. Between April 23rd, 2019 and October 7th, 2019, Smith allegedly used blank checks to withdraw cash from customers’ accounts without their knowledge or consent, totaling $24,315.15 in 16 transactions.
Smith’s actions resulted in financial losses for Truist Bank, leading to his termination on October 8th, 2019. He was later arrested and charged with forgery in South Carolina, pleading guilty to three counts.
As a consequence of his actions, Smith has been ordered by the FDIC to pay a $35,000 fine and $24,315 in restitution. Truist Bank, the eighth-largest commercial bank in the US with $526.714 billion in assets, had to reimburse the affected customers due to Smith’s misconduct.
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