Archives For Embezzlment

Woman accused of using clients’ money for cars, vacations, college tuition
Bank of America
John Coughlin/CNNMoney

WILMINGTON, Mass. — A Wilmington resident accused of embezzling $6 million from Bank of America clients to fund her luxurious lifestyle and pay for her children’s college tuition is scheduled to appear in court Monday.

Elaina Patterson, 53, a former personal banker at Bank of America, is facing 15 counts of larceny over $250 from a person over 60 and 16 counts of larceny over $250, according to the Lowell Sun. Patterson is scheduled for a possible change of plea on Monday.

Patterson is accused of pushing her clients into fake investment opportunities that promised high rates of interest, Attorney General Martha Coakley said.

Prosecutors allege she used the money to buy a Cadillac Escalade, a Mercedes SUV and a Lexus, the newspaper reported. She also took expensive vacations to California, Aruba and Las Vegas, officials said.

Patterson also used more than $100,000 to pay for college and private-school tuition for her children.