Bank Manager Admits Embezzling $879,000 from CD Accounts

John H. Durham, United States Attorney for the District of Connecticut, announced that STEPHEN CARBONELLA, 59, of Hamden, pleaded guilty today in Hartford federal court to embezzling funds from his employer, Webster Bank Corporation, where he served as bank manager of the Orange branch office. 

According to court documents and statements made in court, between approximately 2003 and 2017, CARBONELLA withdrew $879,016.48 from approximately 20 account holders’ certificate of deposit (CD) accounts at Webster Bank, without the knowledge or consent of the account holders, and used the embezzled funds for his own purposes.  He also took steps to conceal his misconduct, including by forging signatures and falsifying documents.

CARBONELLA pleaded guilty to one count of embezzlement by a bank officer or employee, an offense that carries a maximum term of imprisonment of 30 years.  He is scheduled to be sentenced by U.S. District Judge Robert N. Chatigny on December 4, 2018.

CARBONELLA has been released on a $200,000 bond since his arrest on July 3, 2018.

This matter is being investigated by the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorney John T. Pierpont, Jr.