Boston - A former personal banker with Bank of America’s Reading branch was indicted Monday for allegedly running a Ponzi-like scheme, luring friends and family into investing millions into fake accounts by promising high returns and eventually stealing from elderly bank customers to pay the investors, according to Attorney General Martha Coakley.
The Boston Globe reports that the scheme, allegedly conducted over the course of 12 years, involved 31 people and some $6mi, and led to the indictment by a Middlesex County grand jury Monday, Coakley said.
Elaina Patterson, 53, of Wilmington, was charged with 31 counts of larceny, according to Coakley’s office.
If convicted, Patterson, who was fired by Bank of America in late 2011, could face up to 10 years in prison and a fine of up to$50,000 for each count of stealing from somebody over 60.
Patterson 'used her position as a banker to garner trust from friends and family, and then pushed fake investment opportunities that promised high rates of interests', Coakley said in a statement. 'Once this scheme began to unravel, we allege that she began to steal from customers in order to fund withdrawals from investors and cover her illegal activity'.
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