Bank of America Customers’ Information Illegally Accessed and Sold As Renegade Staffer Sparks Fraudulent Withdrawals: US Regulator

A US banking regulator says a Financial institution of America worker has illegally accessed buyer accounts, resulting in tens of hundreds of {dollars} in losses.

The Workplace of the Comptroller of the Forex (OCC) alleges Manuel Alejandro Ramirez Perez engaged in unsafe or unsound practices and violated legal guidelines whereas working as a relationship banker and credit score options advisor at BofA’s North Naples, Florida department.

In a consent and prohibition order, the OCC says that between February 2020 and June 2021, Perez accessed buyer accounts with out correct authorization to steal and promote delicate knowledge to an unknown particular person.

The regulator says Perez’s actions allowed the thief to empty buyer accounts to the tune of $65,877.37.

Financial institution of America bore the losses because it needed to step in and reimburse the shoppers concerned. In the meantime, Perez acquired paid about $6,900 for promoting buyer knowledge.

Perez didn’t admit or deny the OCC’s findings.

For his actions, the regulator has ordered that Perez be banned from working or performing any position for a US financial institution. The OCC additionally says the incident shall be on Perez’s document and could also be used in opposition to him in future proceedings.

“Nevertheless, the precise acts, omissions, or violations described in Article II could also be utilized by the OCC in future enforcement actions to determine a sample of misconduct or the continuation of a sample of misconduct.” 

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