A former US bank executive is accused of using the lender’s money to pay for personal expenses, triggering hundreds of thousands of dollars in losses.
The Office of the Comptroller of the Currency (OCC) has issued a prohibition order against Amy Jo Reid, who worked as a senior vice president and director of purchasing at Associated Bank between May 2018 and May 2024.
According to the OCC, Reid used Associated Bank’s corporate cards for her own benefit, including paying for property taxes, personal travel, home renovation and online shopping sprees. The regulator says Reid produced fake documents and information to dupe Associated Bank into paying for the expenses.
Prosecutors say that the bank lost $411,000 because of Reid’s scheme.
“By reason of the foregoing conduct, Respondent engaged in violations of law. Respondent’s misconduct resulted in financial gain to Respondent and loss or risk of loss to the Bank. Respondent demonstrated personal dishonesty.”
The OCC’s prohibition order bars Reid from working or participating in the activities of any FDIC-insured bank, the Federal Housing Finance Agency and any Federal Home Loan Bank. The ex-Associated Bank senior vice president has consented to the provisions of the order without admitting or denying the OCC’s allegations.
Associated Bank is the 50th-largest commercial bank in the US, with $44.394 billion in assets, according to the Federal Reserve.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Generated Image: Midjourney