Bucksport Woman Sentenced to More Than Eight Years for Bank Embezzlement and Tax Fraud
BANGOR, ME—United States Attorney Thomas E. Delahanty II announced that Lynn M. Bowden, 63, of Bucksport, Maine, was sentenced today in U.S. District Court in Bangor to 97 months in prison and five years of supervised release for embezzlement by a bank employee and tax fraud. She was also ordered to pay $3,822,166.27 in restitution. The defendant pleaded guilty to the charges on February 19, 2014.
According to court documents, Bowden was employed by Merrill Merchants Bank (“Merrill”) in May 2004. Chittenden Corporation acquired Merrill in 2007. People’s United Bank acquired Chittenden Corporation in 2008. Bowden maintained her employment through these acquisitions. In October 2012, she was working as a wealth management officer managing over 200 trust and investment management accounts when her embezzlement was discovered.
The investigation revealed that from April 4, 2005 to September 26, 2012, Bowden embezzled $2,990,429.65 from client accounts that she managed by transferring the funds into her personal accounts. She used all of the money for herself and family members. Bowden failed to report this income to the Internal Revenue Service on her tax returns causing a tax loss of more than $750,000 for the period from 2007 to 2011. On October 26, 2012, the bank terminated her employment, and ultimately reimbursed customers for their losses.
The case was investigated by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigations.