Former Citibank banker Juan Velez has pleaded guilty to stealing $166,000 from an elderly client dealing with dementia.
At a Glance
- Juan Velez, a former Citibank personal banker, stole $166,000 from a 79-year-old client with dementia.
- The theft occurred between April 2022 and April 2023 through fake electronic payment accounts.
- Velez used the stolen money to pay off credit card bills and purchase a Harley-Davidson motorcycle.
- Despite facing up to 15 years in prison, Velez accepted a plea deal for a six-month jail term.
- The case highlights the vulnerability of elderly individuals to financial exploitation.
Banker Exploits Elderly Client’s Vulnerability
In a shocking case of financial exploitation, Juan Velez, a former personal banker at Citibank, has pleaded guilty to stealing $166,000 from an elderly client suffering from dementia. The theft, which occurred between April 2022 and April 2023, has raised serious concerns about the protection of vulnerable elderly individuals in the banking system.
Velez exploited his position of trust to set up fake electronic payment accounts, posing as the 79-year-old victim to transfer money to himself. The elderly client, who frequently visited the bank due to confusion about his finances, became an easy target for Velez’s fraudulent activities.
NYC Citibank personal banker gets sweetheart plea deal after stealing $150K from elderly man battling dementia, using money on motorcycle https://t.co/nYXXSWo1ju pic.twitter.com/5BMmK9JejK
— New York Post Metro (@nypmetro) October 15, 2024
Misuse of Stolen Funds
Instead of safeguarding his client’s assets, Velez used the stolen money for personal gain. He paid off credit card bills and even purchased a Harley-Davidson motorcycle with the ill-gotten funds. This blatant misuse of an elderly person’s life savings has outraged many in the community.
The case came to light when Velez was arrested in May, just a month after his last fraudulent transaction. The action by law enforcement prevented further financial damage to the victim.
A Short Sentence
Despite the severity of his crimes, Velez has managed to secure a short sentence. Previously facing up to 15 years in prison, he accepted a plea deal that will see him serve only six months in jail for the grand larceny charge.
As part of the plea agreement, Velez will also serve five years of probation after his jail term. He is required to return the motorcycle and repay Citibank for the stolen funds. The former banker is scheduled to be sentenced on December 3, where the full terms of his punishment will be finalized.
Collaborative Effort in Investigation
The case against Velez was the result of a collaborative effort by various law enforcement agencies. The investigation received assistance from the NYPD, Homeland Security El Dorado Financial Crimes Taskforce, and other analysts. Assistant D.A. Raphaelle Monty prosecuted the case, with supervision from other members of the Elder Abuse Unit and Special Victims Division.
This case underscores the critical need for enhanced protective measures for elderly individuals against financial exploitation. Banks and financial institutions must implement stronger safeguards to prevent such abuses of trust. It is important for families and caregivers of elderly individuals to remain vigilant and regularly monitor financial activities to detect any suspicious transactions.
Sources
- NYC Citibank personal banker gets sweetheart plea deal after stealing $150K from elderly man battling dementia, using money on motorcycle
- Former Citibank employee steals $166K from client with dementia: DA
- D.A. Bragg: Personal Banker Pleads Guilty For Stealing $166,000 From Client With Dementia