Former Fayetteville Arvest Bank employee banned by Federal Reserve System
FAYETTEVILLE, Ark. (KNWA/KFTA) — The Board of Governors of the Federal Reserve System has issued an order of prohibition against a former employee of an Arvest Bank branch after she was accused of making unauthorized transfers from an elderly customer's account into her own.
The order, dated November 17, 2023, says that the former employee made unauthorized transfers for her own personal benefit totaling $6,617.24 from an elderly customer's account into her own account while working at Arvest Bank in Fayetteville between March and April 2022.
The former employee worked at the bank from August 2021 to May 2022 and the customer reported withdrawals on April 26, 2022, according to the order.
The Federal Reserve System said "[Her] conduct caused the Bank to suffer a financial loss and posed financial, legal, and reputational risks to the Bank" and constituted elder abuse, against written policies and procedures.
"Her unauthorized transactions were contrary to the Bank’s written policies and procedures and constituted violations of law or regulation, unsafe or unsound banking practices, and a breach of fiduciary duties," the order said.
The former employee is prohibited from working at any bank, foreign or domestic. If violated, she could face criminal penalties, according to the order.
As of November 22, she faces no charges in Arkansas.
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