New ETF Book by Larry Connors - Click here to read more
Regina Sancho, a former customer service representative at Genworth, pleaded guilty in March to three counts of wire fraud, two counts of aggravated identity theft and two counts of money laundering.
At the March hearing, Assistant U.S. Attorney Sharon Burnham told the court Sancho used two coworkers' accounts to process and approve three wire transfers into her own bank account. Those workers weren't in the Genworth building when Sancho was shown logged into the system during the transfers, Burnham said.
"Throughout the process we fully cooperated with the authorities in the investigation," Genworth spokesman Tom Topinka said. "Genworth has taken all the necessary steps to protect our customers."
Court records show Sancho processed two transfers for about $49,000 each in August 2007 and a third for more than $191,000 in December that year.
Those records show the money was used to buy a Ford Mustang, Dodge truck, a motorcycle and to make a payment on a home-equity debt.
Judge Norman Moon sentenced Sancho to 20 months in prison on the charges of wire fraud and identity theft and 24 months on the charges of money laundering.
Her total prison sentence was three years and 8 months.
Moon also ordered Sancho to pay $289,728 in restitution to Genworth.
Burnham said that figure likely would be reduced by an amount recovered by the government from Sancho through seizure and forfeiture, although that amount had not been set Friday.
The judge also prohibited Sancho from having any job in the banking industry.
To see more of The News & Advance, or to subscribe to the newspaper, go to http://www.newsadvance.com. Copyright (c) 2009, The News & Advance, Lynchburg, Va. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
