Hey, there! Log in / Register

Feds charge bank VP and husband figured out way to create real-life Human Fund

Seinfeld - The Human Fund

Palestine Ace

A senior vice president at Bank of America, her husband and a Boston woman were indicted today on charges they figured out how to steal $2.7 million from the bank through transactions with non-profit groups in Boston and Atlanta, the US Attorney's office reports.

Palestine "Pam" Ace, 45, one-time senior vice president of Bank of America’s Global Wealth and Investment Management Division and her husband, Jonathan R. Ace, 46, both of Rockland, and Brianna Alexis Forde, 35, of Boston, were each indicted on one count of conspiracy to commit bank fraud and wire fraud. Palestine Ace was also indicted on 12 counts of bank fraud and four counts of wire fraud; Jonathan Ace was also charged with two counts of wire fraud and one engaging in an unlawful monetary transaction; and Forde was also indicted on two counts of wire fraud.

According to the US Attorney's office, the three cooked up a scheme in which they "donated" large sums to various charities, then asked them to return large parts of the money as proof they could be trusted with further donations. But instead of making out checks to the banks, the non-profit groups were told to write checks in the name of Jonathan Ace or Forde, the feds say.

On various occasions, Jonathan Ace pressured the recipients of the donated funds to return a higher percentage of the funds to him, by using intimidation and threats of public humiliation.

Ace's outgoing checks, misappropriated from a bank marketing fund, were each for up to $50,000, the US Attorney's office says, adding she sent out at least 75 such checks between 2010 and 2015.

The indictment also alleges that Palestine and Jonathan Ace used a portion of the funds they embezzled from Bank of America to support their lifestyle and pay for personal expenses, including lavish birthday parties and the purchase of a $17,000 Kawasaki motorcycle.

Innocent, etc.

Neighborhoods: 
Topics: 
Free tagging: 

Ad:

Comments

According to the US Attorney's office, the three cooked up a scheme in which they "donated" large sums to various charities, then asked them to return large parts of the money as proof they could be trusted with further donations. But instead of making out checks to the banks, the non-profit groups were told to write checks in the name of Jonathan Ace or Forde, the feds say.

It sounds like someone might be bending over backwards not to implicate a non-profit.

This sounds like the actual deal was: "I'll arrange for money to be donated to your non-profit, if afterwards you cut me a check for a smaller amount. You keep making the kickbacks, and I keep the evil bank money flowing. Win-win."

up
Voting closed 0

Speaking as some who was let go from one due to $$$$ and a bizarre amount of mismanagement training. I kinda should have known when the accounting department was BURNING through people. I'd definitely volunteer again but I'm too old at this point to be working for someone with a GED in good intentions.

up
Voting closed 0

You are talking about the rose kennedy Greenway huh

up
Voting closed 1

Nah health and human service. It was partnered with a larger non profit. We needed their money they needed our reputation, their reputation was in the toilet and it was all over Yelp. They got our reputation then mismanaged us till we were bled dry, downsized the program they specifically partnered with us for on our end and implemented the same basic program at their non profit. Oh and the person that brokered this deal on our end immediately got a promotion, a very nice pay bump, and a transfer to the much more bigger and wealthier non profit. Which is cute considering that we lost $800,000 contract under those eyes and it would have been simple to keep. But it's a lot easier to sink a small nonprofit and use that during tax season isn't it class?

up
Voting closed 0

Isn't that how the DNC works these days - an endless pay-to-play Frat/Sorority party that has officially argued in court that its own rules don't matter so long as the money flows?

Who cares about supporting candidates, fair contests per bylaws, and winning elections - we're raking it in and giving it all to our friends to support their lifestyles!

up
Voting closed 0

Someone should drain the swamp and make America great again.

Busting up the DNC money train would be a good start... Hey! Would you look at that!

Imagine watching the national election, knowing your indictment hinges upon the outcome.

Then again, death comes swiftly to those who cross the DNC..... https://www.google.com/#tbm=nws&q=dnc+seth

up
Voting closed 0

deleting your account? That would probably be best for everyone at this point.

up
Voting closed 1

Because I'd seen the name pop up a couple times and was curious, and because I can't sleep and am bored, I checked out your search results. Is this what you wanted to bring to our attention?: "It took only hours for one of the biggest stories in conservative media this week, which some outlets had chosen to focus on over news that President Trump disclosed classified information to senior Russian officials, to fall apart. . ."

up
Voting closed 0

-- I'd seen the name pop up a couple times and was curious, --

https://twitter.com/wikileaks/status/763041804652539904

up
Voting closed 2

Wonder if you would have posted it if she were a white lady

up
Voting closed 0

But before you answer, please take a look at this story. Oh, but you did ask specifically about white ladies, didn't you? Take a gander.

up
Voting closed 0

adamg is usually accused of the opposite behavior.

Both accusations are just ignorant.

up
Voting closed 1

the whiny liberals here love finding excuses to vilify wealthy white people

up
Voting closed 0

Psych.

up
Voting closed 2

Fixed your typo.

up
Voting closed 2

Or if he is, he has Trump-skin, can dish out the sh*t but can't take it.

up
Voting closed 0

you've seemingly conflated my observation with me taking umbrage to that fact

and yeah the summers i spent at the yacht club weren't because i was working the pool deck.

i don't see what trump has to do with any of it though.

edit: also, you've done very little to convince me i was incorrect in my statement. weird sexual remarks and instantly bringing up the president. well, i guess i double down on my initial statement then.

up
Voting closed 2

Who do you think you're fooling?...

Fed prison camps are full of white men who thought that they were too smart to get caught doing the exact-same thing. Some of you need to stop pretending that this is the first time you have heard such a crime.

up
Voting closed 1

believe this kind of thing could happen at Bank of America.

up
Voting closed 1

Ouch.

up
Voting closed 1

It's not a lie if you believe it.

up
Voting closed 0

"Hey, my bank will give you $XXXXX."
"OK"
"Give it back to my personal account"

"Maybe I can figure out something a bit cleverer like you set up a business that does something that I can pay for, rather than just give it back to you."

Kids these days...

up
Voting closed 0

Festivus.

up
Voting closed 0

Should they not have done that?

up
Voting closed 2

I simply cannot believe the charities involved were this stupid! I'd like to know the names of the charities. I read this report in several other online reports and thought the perpetrators should be severely punished and that was before I saw any photos. This report only confirms that I was right to close my account at Bank of America and support my local credit union.

up
Voting closed 0