Ex-bank official gets year in prison for $1.5M embezzlement

[Omaha Steve]

Source: AP

BOSTON (AP) — A former Bank of America manager who pleaded guilty to embezzling $1.5 million from a company that did business with the bank and using some of the money to buy a luxury Porsche SUV has been sentenced to a year in prison, federal prosecutors said.

Waqas Ali, 31, of Abington, was also sentenced to two years of probation, including a year in home confinement, and ordered to pay $600,000 in restitution, the U.S. attorney’s office in Boston said in a statement Friday.

He pleaded guilty in October to wire fraud and unlawful money transactions.

Ali was the bank’s client relationship manager for the victim company, prosecutors said.

Read more: https://apnews.com/article/ma-state-wire-embezzlement-lifestyle-business-3f2a4e1715578ca7b120b29a89b8148d

[NoSheep]

1. Why no name and mug shot I wonder. Lemme guess

he's a white guy? If I'm wrong my mind would be blown.

[DFW]

15. The article said his name was Waqas Ali

Maybe he IS white, but I wouldn't place any bets on that. It is a typical Urdu/Hindi name, and so he is most likely either Pakistani or an Indian Muslim.

Sorry about your mind..........

[DURHAM D]

2. He should know that only Trump family

members get away with that sort of theft.

[Yo_Mama_Been_Loggin]

3. Just one?

Meanwhile a woman in Texas gets five years for voting.

[Mosby]

4. Home arrest no less. Nt

[marble falls]

10. Wasn't that Fla or SC? We're still cooking the laws here so's we can arrest one in the near future.

[Yo_Mama_Been_Loggin]

11. Nope Texas

https://www.nbcnews.com/politics/politics-news/texas-woman-gets-5-years-prison-voting-illegally-n861516

[Miguelito Loveless]

5. I know of people who stole a fraction of 1% of that amount

and who served much harder time. Of course, they were poor.

[Hassin Bin Sober]

12. You have to steal enough to hire a good attorney.

“Make no little plans; they have no magic to stir men's blood and probably themselves will not be realized. Make big plans; aim high in hope and work”

Daniel Burnham

[Bernardo de La Paz]

6. One year. Passing (unknowingly) a counterfeit $20 bill: 9 minutes and death (George Floyd RIP) . nt

[RussBLib]

7. it's almost like there is a separate system of justice for the rich

almost meaning absolutely

[stillcool]

8. he doesn't even have to pay it all back

got to love that white collar crime. It's not his fault that the company let him take their money.

[NurseJackie]

9. I'd hope that authorities were able to get whatever was in his bank...

... and sell whatever items he'd purchased with the money. Perhaps that accounts for the other $900K

From the article:

He used more than $600,000 of the money to pay for luxury items, including a $63,000 Porsche SUV and for purchases at Neiman Marcus, Bloomingdale’s, Christian Louboutin and Tag Heuer.

[DFW]

16. Not likely he got to keep anything

Whatever cash/bank accounts he had that weren't empty were probably seized upon his arrest, along with any physical assets that could be disposed of for cash (cars, jewelry, etc.), and he was saddled for reimbursing the rest.

He was sentenced to a year in jail PLUS two years probation, one of which was with house arrest. The sentence still seems a little light, but maybe the court didn't want to be seen as discriminating against Muslims, who knows?

[AllaN01Bear]

14. if you are black and steal a loaf a bread because you are hungry , u are luckey

that u get 5 years or more or shot.

[tclambert]

17. If a banker robs someone, it's just good business.

[tclambert]

18. If a banker robs someone, it's just good business.