Wednesday, April 21, 2021

Bank of America ex-relationship manager charged embezzling $1.5 million

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A former client relationship manager at Bank of America was arrested and charged today in connection with embezzling $1.5 million from a client company and using a portion of those funds to purchase luxury items.

Waqas Ali, 31, of Abington, was charged in a criminal complaint with wire fraud and money laundering. Ali will make an initial appearance today via videoconference in federal court in Boston.

According to court documents, Ali was the client relationship manager for the victim company, which was a Bank of America client. Ali allegedly opened a checking account in the name of the victim company without its knowledge or authorization, and between September 2016 and July 2017, fraudulently transferred over $1.5 million from the victim company’s accounts to a fraudulent account.

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It is alleged that Ali used over $600,000 of the funds he fraudulently obtained to fund his lifestyle and pay for luxury items, including a Porsche SUV and retail items at Neiman Marcus, Bloomingdales, Christian Louboutin and Tag Heuer.

The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of $250,000. The charge of money laundering provides for a sentence of up to 20 years in prison, three years of supervised release, a $500,000 fine, restitution and forfeiture. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

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