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Bank of America manager charged with siphoning money from client to buy Porsche, jewelry, clothing and electronics

A manager at the Bank of America on Federal Street faces federal wire-fraud and money-laundering charges for the way he allegedly embezzled hundreds of thousands of dollars from an investment firm with two dozen accounts at the bank.

In an affidavit unsealed today, an FBI agent says Waqas Ali of Abington chose the firm because he knew that family that owns it had been defrauded earlier but never reported that, so he figured he could get away with lifting money from its accounts.

Ali, at the time the firm's client-relationship manager at Bank of America, allegedly diverted some $1.5 million from three of the firm's accounts, but ultimately kept $600,000 for himself and returned the rest to the legitimate accounts, the affidavit states.

According to the affidavit, Ali started by opening an account for the firm on Sept. 14, 2016. He listed the firm's Texas address, but after the account was open, changed that to his work address at 100 Federal St. Over the next ten months, according to the affidavit, he ordered several transfers from the firm's real accounts to his fraudulent one, the largest for $1.3 million.

Among the things he allegedly used the money for: Paying off $144,000 worth of credit-card debt, buying $90,914 worth of stuff at the Apple Store, Saks Fifth Avenue, Burberry, Bloomingdale's, Nieman Marcus, Christian Louboutin, Tag Heuer and Best Buy and wiring $18,500 to a relative's account in Pakistan. On Dec. 27, 2016, he used $63,293 to help buy a Porsche SUV, according to the affidavit. In 2018, he then sold the SUV to another dealer for $48,900. He also used his ATM card for the bogus account to make withdrawals totaling more than $221,000, mostly from one ATM at the Bank of America building and from a Citizens Bank ATM near his home, according to the affidavit.

Ali closed the fraudulent account on July 12, 2017. In August, 2018, an employee at the firm discovered major discrepancies in its books while attempting to reconcile its accounts, the affidavit states.

On Sept. 6, 2018, Ali faced Bank of America investigators. According to the affidavit:

Ali stated to investigators that he specifically targeted the Victim Company because the Victim Family had previously been defrauded in a separate incident and never pressed charges. Ali stated he believed that even if his activity was discovered, the Victim Family and/or Victim Company would not press charges against him.

The bank fired him not long after, the affidavit states.

The US Attorney's office reports he faces up to 20 years in prison and a $500,000 fine, plus restitution.

Innocent, etc.

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PDF icon Affidavit by FBI agent176.28 KB

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Comments

All for what ? Greed

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Voting closed 15

...how these people think they will never get caught, especially now that everything is electronic and leaves a trail.

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Voting closed 37

Have fun in the big house Waqas Ali

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that deliberately added two cents to a "closed" account so that they could charge me a "below minimum balance" fee.

Of course their managers are corrupt. It's in the culture.

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I opened my first account with them when I was 16 and got charged a $35 overdraft fee for 7 cents. I learned young

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For them to notice 1.5M missing...

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From what I've heard about Bank of America, this sounds exactly like something that they would do!

Glad I don't go there.

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Something "they" would do? I don't love B of A and in know they (legally) work things to their advantage when they can. Like too many mega corporations do.

But this was one guy who was flat-out stealing. And a bank employee caught him and then the bank turned him in.

It would take about 3 minutes to find a small- time banker stealing from customers.

Inflating this case to a corporate-wide practice is illogical and irresponsible.

Stop it.

. By mplo on Fri, 08/21/2020 - 12:59pm.

From what I've heard about Bank of America, this sounds exactly like something that they would do!

Glad I don't go there.

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Voting closed 17

So there!

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Ali stated [to BoA investigators] he believed that even if his activity was discovered, the [victim] would not press charges against him.

And he would've gotten away with it, if not for those damn kids.

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Bank of America Sucks
Requiring a fingerprint to cash a check (if you dont have an account - such bulldshit...and not noticing 4 years and 2 million missing

...in second thought maybe they are hiring ....

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