Ex-Bank of America VP's fraud charges include threats to charities working with kids with AIDS
A former Bank of America Corp. senior vice president and her husband were charged with embezzling more than $2.7 million by making charitable donations on behalf of the lender and then using intimidation and threats to get the money back for their personal use.
Palestine Ace, 45, of the bank's global wealth & investment management division, and her husband Jonathan Ace, 46, were each indicted on one count of conspiracy to commit bank fraud and wire fraud over the alleged scam targeting non-profit groups in Boston and Atlanta, the U.S. Attorney's Office in Boston said Monday in a statement.
Prosecutors claim Palestine Ace from 2010 to 2015 approved 75 donations to sports groups working with local children and other groups serving children with AIDS before insisting that about half of the money "be returned in order to ensure that Bank of America would continue to fund the organization," according to the statement.
Ace's husband then allegedly threatened the recipients with "public humiliation" to extract the return of as much of the money as possible.
Read more: https://www.dallasnews.com/business/banking/2017/05/15/ex-bank-america-vps-fraud-charges-include-threats-charities-working-kids-aids
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