Home Boston Press Releases 2009 Bank Employee Sentenced in Embezzlement Scheme

Bank Employee Sentenced in Embezzlement Scheme

U.S. Attorney’s Office December 04, 2009
  • District of Massachusetts (617) 748-3100

BOSTON, MA—A Boston woman was sentenced today in federal court today in connection with her embezzlement of close to $200,000 from a federally insured bank.

United States Attorney Carmen M. Ortiz and Warren T. Bamford, Special Agent in Charge of the Federal Bureau of Investigation - Boston Division, announced that PHYLLIS SHANNON, age 38, of Readville, MA was sentenced today by U.S. District Court Judge Richard G. Stearns to serve one year and one day in federal prison, to be followed by three years of supervised release. SHANNON was also ordered to pay restitution in the amount of $197,530.35.

At the earlier plea hearing, the prosecutor told the Court that had the case proceeded to trial the Government’s evidence would have proven that from October 2003 through June 2007 SHANNON embezzled over $197,530.35 in funds from the Boston Private Bank and Trust Company where she worked as a supervisor in the accounts payable department. SHANNON embezzled the money by entering fraudulent travel and expense reimbursements and crediting her own personal accounts with these monies.

The case was investigated by the Federal Bureau of Investigation and the Boston Police Department. It was prosecuted by Assistant U.S. Attorney James P. Dowden of Ortiz’s Economic Crimes Unit.