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Bank manager stole more than $1M

By Claes Bell · Bankrate.com
Monday, June 3, 2013
Posted: 10 am ET

There's no doubt that bank employees are in a position of trust. Customers walk in every day and hand them money, confident it will be in their bank account when they need it. To do their jobs, high-level bank employees have access to lots of sensitive consumer information and even cash, so when an employee turns to crime, things can go downhill fast.

That's exactly what's alleged to have happened at not one, but two banks in Oakland, Calif., where a former banker is accused of having stolen more than $1 million from customers at US Bank and First Republic Bank, according to reports by The Oakland Tribune and KTVU.

Linda Foss, who worked at US Bank from 1983 to 2012, most recently as a branch manager, is accused of siphoning off money directly from one customer's certificate of deposit, or CD, account, reducing the balance from $972,000 to $353,000. Another former client said Foss had forged her signature on checks worth more than $40,000.

Foss was later terminated by US Bank, but quickly got another job at First Republic Bank. From there, Foss allegedly tried to cover her tracks by stealing from other customers to replace the stolen funds, including $164,000 from first one, then another elderly client at First Republic.

Eventually, authorities caught up to Foss, who will face trial on money laundering, theft from an elder adult and grand theft charges.

Beyond the consequences for Foss's clients and her community, the incident does raise some serious questions for bank customers in general. Foss was terminated by US Bank in March of this year, according to the report. Did they know or suspect something was wrong, and if so, how was she hired to be a branch manager at another bank? And how was a bank employee allowed to siphon more than $600,000 from an account without attracting immediate scrutiny?

It seems inevitable that unscrupulous bank employees will find ways to bilk customers, but banks owe it to customers to do their utmost to keep a close eye on account-holder funds and prevent crime wherever they can, and to make customers whole when they fail.

What do you think? Do you ever worry about fraud at your bank?

Follow me on Twitter: @ClaesBell.

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52 Comments
Bob Marsh
September 19, 2013 at 2:06 pm

She should be required to pay restitution by working in a brothel for $2 a trick. She would quickly learn the value of money and how evil it is to steal from an elderly person.

Donald ashwell
September 19, 2013 at 1:07 pm

I thank if the lady staling money an is conviced she should pay restution and go to JIL FOR NO LESS THAN 20 YEARS. DONT LET HER OFF BY PAYING restution only

StevenLois
September 19, 2013 at 12:27 pm

Hard labor in the penitentiary for the rest of her life would actually be fair, but the bank needs to reimburse the funds to ALL the appropriate customers she stole it from.

Mary
September 19, 2013 at 11:13 am

I had worked in the banking system or 15 years. During those years I have experienced three people who have commited fraud. Two of them did go to prison. The third was allowed to remain in her position and nothing was done since the money was returned.
When hiring into a bank, you are finger printed so there is no chance of being hired in if ever convicted of a crime involving money.

Alston
September 19, 2013 at 9:51 am

require the thief to work in a steel mill until she pay all of the stolen funds back with interest!

Ada Mae Davis
September 19, 2013 at 9:45 am

When cashing a check, a relative mentioned needing house repairs done. A few days later the BANK TELLER'S SON showed up at the relative's house and proceeded to look around her place without saying anything to her or asking permission. Not only did the teller give bank customer information out, but she also gave the customer's address, name, and repairs needed. A live-alone, the relative feared retaliation, and asked the family to say nothing. Thank goodness this teller has since retired. No, banks are NOT to be trusted.

camero
September 19, 2013 at 9:33 am

What happened to the bank audit system?

Robinson
September 19, 2013 at 7:28 am

She breached her position of trust and should never be get a job where she steal peoples' property. The bank from which she stole client's money should pay all the money back. The internal controls of the bank were not followed and it is also likely that there could be other employees involved in the theft.

bdeath
September 19, 2013 at 6:51 am

The jerk should loose everthing to pay it back and put the wench homeless on the street.Let her feel how it is to be homeless and with nothing. Make sure she can never get a job in a bank again as well. The only job she is fit for is a back side wiper in a nursing home supervised.That is after she may or may not make it on the street for about 5 years.

daniel
September 19, 2013 at 2:02 am

OK but you have to stop them now even if it takes there lives you see it has happened to me here in my home town but from my life with Jesus and his walk on the earth but the lord had took it from me and gave it to some one else ya right wrong turkey but it say it in the bible the devil wrote his story about the lord also but in Hebrew and all the above that is of the laws of heaven and earth and they call me a saint but you know the church of god but all they know is how to spend the doe not make it (to be continued)around $100,000,000.00 million but that was all that i could take back from god you see but it still does not end there my friend sincerely Daniel McClure