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The District of Columbia has filed a lawsuit against Bank of America seeking substantial compensation arising out of the bank’s alleged activities in a check-depositing scam. A former tax office manager for the city, Harriette Walters, has pleaded guilty to masterminding a scheme to pilfer $48 million over twenty years from the D.C. Office of Tax and Revenue. Bank of America was the bank used most often by Ms. Walters. A former Bank of America manager, Walter Jones, helped to maneuver fraudulently issued tax refund checks into several accounts at Bank of America, including accounts held by Ms. Walters. In early 2007, Bank of America fired Jones for violating the institution’s employee standards of conduct, but the bank failed to alert the District of Columbia about irregularities in the large checks being run through the bank. The city’s lawsuit alleges that Bank of America failed to adequately supervise Jones. Under the False Claims Act, the City’s substantial damages would be tripled, and if the city’s suit is successful, the bank would also be hit with sizable fines under the Act.
For the full story, go to San Francisco Business Times.