Bank Manager Allegedly Opened Up Accounts in Customers’ Names, ‘Kept and Stole Thousands of Dollars,’ According to FBI: Report

A federal indictment has reportedly been filed against a former Los Angeles bank manager accused of stealing hundreds of thousands of dollars from customers.

Weixin “Tony” Chen, who managed Cathay Bank branches in Arcadia and the City of Industry, allegedly tapped into customers’ home equity lines of credit (HELOC) and deposit accounts to transfer money into fraudulent accounts he controlled, reports KTLA.

Federal prosecutors say Chen told loan applicants their requests had been denied when, in fact, he forged their signatures to open checking accounts in their names. He subsequently moved funds into those fraudulent accounts to conceal that the loans were never approved.

Investigators also allege he pocketed cash payments from customers who believed they were paying down their debts, noting that Chen “kept and stole thousands of dollars for himself.”

Chen was arrested last week at his home in Chino Hills. He faces five counts of bank fraud, one count of aggravated identity theft and eight counts of making a false entry.

If convicted, he could receive up to 30 years in federal prison for each bank fraud charge, a mandatory two-year term for identity theft and up to 40 years for each false entry count.

He was released after posting a $10,000 bond.