A 36-year-old Missouri banker, Megan Lea Dougherty, has confessed to a 15-year-long fraud scheme that netted her over $2.3 million. Dougherty pleaded guilty to one count of bank fraud for systematically looting funds from over a dozen customer accounts at Exchange Bank of Missouri.
The elaborate scheme, spanning from January 2009 to October 2023, exploited a vulnerability in the bank’s internal controls. Dougherty targeted customers she knew personally, transferring small amounts of money from their accounts into her own. To avoid detection, she employed a complex system of transfers between multiple accounts, including those of family members. The banker also manipulated the bank’s computer system to disguise the fraudulent transactions.
Prosecutors revealed that Dougherty was actively stealing from seven customers at the time the theft was uncovered, with over a dozen others having previously fallen victim to her scheme. The bank has since reimbursed the affected customers.
For her crimes, Dougherty faces a maximum sentence of 30 years in prison without parole. Additionally, she must forfeit her ownership of nine parcels of land and pay a $2.3 million money judgment.
This case serves as a stark reminder of the importance of robust internal controls within financial institutions. It also highlights the devastating impact of financial crimes on individuals and communities.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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