Bank Executive Pleads Guilty to Stealing More Than $1 Million from Employer
| U.S. Attorney’s Office June 07, 2011 |
David B. Fein, United States Attorney for the District of Connecticut, announced that PHILIP J. MONGILLO, 51, of Westbrook, waived his right to indictment and pleaded guilty today before United States District Judge Vanessa L. Bryant in Hartford to one count of bank theft.
According to court documents and statements made in court, MONGILLO was the assistant vice president and technology officer for a Connecticut-based financial institution. MONGILLO’s responsibilities included ensuring the effective functioning of the bank’s hardware and software systems, and supporting the operation of the bank’s information technology systems.
In pleading guilty, MONGILLO admitted that, in approximately September 2001, he created a fictitious company for the purpose of issuing false invoices to the bank. These false invoices purported to charge the bank for technology support services, which MONGILLO knew had not been rendered. MONGILLO set up a post office box and a business checking account in the fictitious company’s name. He then caused the bank to issue payments to the fictitious company based on the false invoices. MONGILLO deposited the payments in the business checking account he had established, and then used the funds for his own use.
From September 2001 through November 2010, MONGILLO stole approximately $1,029,050 from his employer.
Judge Bryant has scheduled sentencing for September 2, 2011, at which time MONGILLO faces a maximum term of imprisonment of 30 years and a fine of up to approximately $1 million. As part of his plea, MONGILLO has agreed to pay restitution to the victim bank, and has agreed to a permanent bar from employment with any depository institution insured by the Federal Deposit Insurance Corporation.
This matter was investigated by the Federal Bureau of Investigation. The case is being prosecuted by Assistant United States Attorney Christopher M. Mattei.
Citizens are encouraged to report any financial fraud schemes by calling, toll free, 855-236-9740, or by sending an email to ctsecuritiesfraud@ic.fbi.gov.