{"id":56538,"date":"2024-06-07T15:26:37","date_gmt":"2024-06-07T22:26:37","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=56538"},"modified":"2024-06-07T15:26:37","modified_gmt":"2024-06-07T22:26:37","slug":"former-bank-senior-executive-officer-sentenced-to-three-years-in-prison-for-embezzling-700000-from-employer","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=56538","title":{"rendered":"Former Bank Senior Executive Officer Sentenced to Three Years in Prison for Embezzling $700,000 From Employer"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0LOS ANGELES\u00a0<\/strong><\/span><\/p>\n

\"judge,<\/p>\n

Federal officials stated that the former chief financial officer at a bank in the Chinatown area of downtown Los Angeles was sentenced Friday to three years in federal prison for embezzling more than $700,000 of his employer\u2019s funds.<\/span><\/p>\n

U.S. District Judge Maame Ewusi-Mensah Frimpong sentenced Sammy Sims, 61, of West Covina. The judge also ordered Sims to pay $306,849 in restitution.<\/span><\/p>\n

Sims pleaded guilty on Feb. 22 to one count of bank fraud. He also admitted to stealing bank employees\u2019 identities to open life insurance policies in their names to benefit his wife.<\/span><\/p>\n

Chinatown-based Eastern International Bank hired Sims in September 2017 as the lender\u2019s CFO. <\/span><\/p>\n

\"\"As a condition of his employment, Sims agreed that he would not use the bank\u2019s confidential information for his benefit or for others, officials stated.<\/span><\/p>\n

The bank\u2019s policy also required Sims to promptly disclose any conflicts or appearances of conflict with the bank\u2019s interests. <\/span><\/p>\n

Sims\u2019s scheme to defraud his employer lasted from February 2018 until at least April 2021.<\/span><\/p>\n

From August 2018 to October 2020, Sims wired $86,000 in bank funds to the United States Treasury and California Franchise Tax Board to make payments towards personal federal and state income taxes for himself and his wife. <\/span><\/p>\n

\"LawSims concealed these transactions by creating false entries in the bank\u2019s general ledger that falsely represented that the payments were for the bank\u2019s tax accounts.<\/span><\/p>\n

In April 2019, Sims used about $14,161 in bank funds to a debt collection agency to help pay off a debt that he had incurred. <\/span><\/p>\n

Sims concealed this transaction by creating a false entry in the bank\u2019s general ledger that falsely stated the payment was for data processing software.<\/span><\/p>\n

From April 2019 to December 2020, Sims took approximately $113,264 in money belonging to the bank to pay the balances on his credit card. <\/span><\/p>\n

Sims hid these expenses in the bank\u2019s general ledger by falsely labeling them as bank expenses. <\/span><\/p>\n

\"One<\/a>
Photo by engin akyurt<\/a> on Unsplash<\/a><\/figcaption><\/figure>\n

During this time, he also siphoned approximately $81,815 from the bank by using a bank credit card meant for work purposes for his expenses, including steak dinners and a trip to Las Vegas.<\/span><\/p>\n

Sims lied to several bank employees from February 2020 to April 2021 by telling them they had to switch their bank-funded life insurance policies because of their age.<\/span><\/p>\n

What neither the employees nor the bank knew was that these policies were obtained through Sims\u2019s wife, a licensed life insurance broker who received a commission for each life policy she sold. <\/span><\/p>\n

Sims obtained some employees’ personal identifying information without their consent \"\"and then used it to purchase his wife’s life insurance policies. <\/span><\/p>\n

Sims used a bank checking account to wire approximately $311,608 of the bank\u2019s money to several life insurance companies to partially pay for the premiums for these policies.<\/span><\/p>\n

Later, when Sims was confronted about the life insurance policies opened using bank employees\u2019 personal identifying information, he lied by saying the employees\u2019 identities could have been stolen through a cybersecurity hack or by unauthorized disclosures by the bank\u2019s personnel department. <\/span><\/p>\n

Sims resigned from the bank shortly after being confronted about the life insurance policies.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 In total, Sims unlawfully took $737,849 of bank funds for his personal use and benefit.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The FBI and the Federal Deposit Insurance Corporation Office of Inspector General investigated this matter.<\/span><\/p>\n

Assistant U.S. Attorney Jason C. Pang of the General Crimes Section prosecuted this case.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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