The Chicago Syndicate: Shauna Quinn Pleads Guilty to Bank Fraud

Sunday, August 25, 2013

Shauna Quinn Pleads Guilty to Bank Fraud

United States Attorney Thomas E. Delahanty II announced that Shauna Quinn, 44, of Rockland, Maine, pled guilty in United States District Court before Judge George Z. Singal to a bank fraud charge.

According to court records, the defendant worked at Rockland Savings Bank in Rockland, Maine, as a collections manager. Between July 2008 and June 2011, she created home equity lines of credit and a share loan in the names of her family members and had more than $400,000 in funds improperly withdrawn from those loans.

A forensic review by the Federal Bureau of Investigation (FBI) of the unauthorized activity posted under defendant’s teller ID number for the period from July 2008 to June 2011 revealed that the defendant misappropriated more than $400,000 through improper advances on loans and lines of credit that were not authorized by the bank and agreed to by the borrower. The defendant perpetrated the scheme by increasing the authorized amounts of lines of credit without approval, changing customers’ mail addresses without consent, improperly posting transactions, and creating fictitious loan documents. The fraud was concealed by the defendant who used loan advances to make payments on other loans in order to keep them current.

Quinn faces a sentence of up to 30 years of imprisonment and a fine of up to twice the gain or loss. She will be sentenced after the completion of a presentence investigation report by the United States Probation Office.

The investigation was conducted by the FBI.

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