An insider at a bank with branches across the US is accused of forging documents to steal funds from customers’ accounts.

The Department of Justice (DOJ) says that while working as a teller at the unnamed bank’s branch in Boston, Massachusetts, Derek Aut lifted $180,000 from the accounts of two customers.

To carry out his scheme, Aut allegedly forged the names of the customers on the withdrawal slips, among other techniques.

After the first theft was discovered, Aut siphoned funds from another bank account to replace the missing money.

“When one of the victims noticed money missing from her account, Aut allegedly attempted to cover his theft by taking money from the other victim’s account and depositing it into the first victim’s account.”

The initial criminal charges against Aut were filed in December of 2024.

The charges now include embezzlement by a bank employee and aggravated identity theft. Aut, who has agreed to plead guilty to the charges, faces years in prison and a monetary fine.

“The charge of embezzlement by a bank employee provides for a sentence of up to 30 years in prison, five years of supervised release and a $1 million fine. The charge of aggravated identity theft provides for a mandatory sentence of two years in prison to be served consecutive to any other sentence imposed. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.”

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

A billion-dollar bank is warning customers after a cybersecurity breach affecting thousands of customers.

In a filing with the Office of the Maine Attorney General, Western Alliance Bank says an unauthorized actor exploited a vulnerability in a third-party file transfer software system it uses.

The breach, which was discovered in late January and happened in October, impacts 21,899 customers, according to the filing.

“Western Alliance learned that an unauthorized actor had potentially accessed some of Western Alliance’s data on January 27, 2025. Our investigation determined that the unauthorized actor acquired certain files from the systems from October 12, 2024, to October 24, 2024…

On February 21, 2025, we determined that the files contained some of your personal information, including your name and Social Security number. The files may have also contained your date of birth, financial account number, driver’s license number, tax identification number, and/or passport, if you provided it to Western Alliance.”

The bank says it has informed law enforcement about the data breach and is offering customers a 12-month complimentary membership to an identity-theft protection service.

Western Alliance Bank currently has approximately $81 billion in total assets, according to the Federal Reserve.

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Two of the largest banks in the US are reportedly locked in a legal battle over a $481 million commercial property loan.

Wells Fargo is suing JPMorgan Chase, the largest back in the US, over accusations it greenlighted a real estate loan even though it allegedly knew that the financial statements were fraudulent, reports Reuters.

In 2019, JPMorgan issued a loan to real estate development and investment firm Chetrit Group to finance the purchase of 43 multi-family buildings with 8,671 apartments across 10 states.

Acting as the investors’ trustee, Wells Fargo alleges that JPMorgan and Chetrit knew that the sellers had fraudulently inflated the buildings’ historical net operating income by 25% even before closing the deal at $522 million.

A property’s historical net income is a financial metric that measures the income generated by a building over a specific time frame. A property’s past earnings are typically used to assess its potential value.

Wells Fargo claims that JPMorgan approved the overvalued property deal to reap millions of dollars in fees, thinking that the assets would eventually be dumped on investors who wouldn’t realize the buildings were not as profitable as declared on paper.

Chetrit’s loan turned sour in 2022 and, in the process, Wells Fargo says investors in the trust have lost tens of millions of dollars.

“[JPMorgan] had an obligation to engage in due inquiry to determine the scope of the fraudulent reporting. Instead, [JPMorgan] plowed ahead as if nothing unusual had happened without even bothering to correct known errors in the numbers.”

Wells Fargo is asking the court to order JPMorgan to either pay for damages or repurchase the loan and make the investors whole.

JPMorgan and Chetrit have not yet issued a statement regarding the case.

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney