Arizona Annuity News

Former Bank Manager Sentenced For Embezzling Over $2 Million From Employer

LAS VEGAS - - A former bank manager has been sentenced to 41 months in prison for her guilty plea to embezzling over $2 million from the bank during 2004, announced Daniel G. Bogden, United States Attorney for the District of Nevada.

MICHELLE FOURNIER, age 39, of Las Vegas, was sentenced on July 25, 2006, by U.S. District Judge Kent J. Dawson for her guilty plea to one count of embezzlement by a bank employee. From about January 2, 2004, to March 4, 2005, she was employed as a Manager and Financial Analyst for Hong Kong Shanghai Banking Corporation (HSBC), and worked at HSBC’s credit card services branch on Town Center Drive in Las Vegas.

Part of FOURNIER’S job duties included approving vendor invoices. In order to make money for herself, she created a fictitious company, RMS Business Consulting (RMS), solely for the purpose of defrauding HSBC. RMS had no legitimate business purpose and was used to further FOURNIER’S scheme to defraud. The corporate office was actually a mail box rented in FOURNIER’S name at a UPS store. FOURNIER then created fictitious invoices stating that RMS had performed certain services, and submitted them to HSBC for payment. FOURNIER forged her manager’s signature authorizing payment to RMS, and HSBC electronically deposited payments into an RMS bank account or mailed the checks to RMS. FOURNIER then withdrew the funds from the bank account for her own personal use. Using this technique, FOURNIER made 20 payments to RMS and embezzled approximately $2,013,500 from HSBC.

The Court also ordered FOURNIER to pay $2,013,500 in restitution to HSBC, to serve three years of supervised release following her release from prison, and to forfeit her right, title and interest in any properties up to $2,013,500. Such properties include approximately $750,000 in U.S. currency, miscellaneous jewelry, several vehicles, and real property at 289 Ocean Avenue, Kennebunkport, Maine. Any forfeited funds and the proceeds from the sale of any forfeited properties will first be applied toward payment of the restitution order.

According to its website, Hong Kong Shanghai Banking Corporation Group is headquartered in London, England, and provides a comprehensive range of financial services to personal, commercial, corporate, institutional and investment and private banking clients. Its best known subsidiaries in the United States are Household International, Inc. and HSBC Bank USA.

FOURNIER is released on a personal recognizance bond and must self-surrender to federal prison by September 29, 2006.

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	Did You Know?
	Employee Retirement Income Security Act (ERISA) The federal law that establishes the basic requirements for employee benefit plans. The authority for administering and enforcing ERISA is divided among three federal agencies: The Internal Revenue Service (IRS), the Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC).