• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Miami bank VP behind bars–& barred from banking for life

by on
in Employment Law,Human Resources

For 15 years, Silvia Angelico Nieto served faithfully as a vice president and relationship manager in Northern Trust N.A.’s international private banking division. Or so the Miami bank thought.

Turns out, she spent at least part of that time misdirecting more than $4 million dollars into her own personal bank accounts.

In August, she pleaded guilty to “felony misapplication by a bank employee.” She was sentenced to 78 months in prison, to be followed by four years of supervised probation. She must also make restitution in the amount of $5.8 million.

Under federal banking rules, Nieto is now barred for life from working in the banking industry.

Note: Even trusted, long-term employees can be stealing from the company. In fact, they may know your system’s flaws better than anyone else. Always have financial records reviewed by more than one person internally and regularly by an outside auditor.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/20958/miami-bank-vp-behind-bars-barred-from-banking-for-life "

{ 1 comment… read it below or add one }

malcolm nino August 26, 2012 at 2:39 pm

lee esto. Me entere en miami, cuando fui al banco. Impresionante. Cuando vuelvas charlamos

Reply

Leave a Comment