Bank Employee Bank Banned From Industry After Stealing Customer Info Used To Drain Accounts
A former bank employee is now banned from working in the banking industry after federal regulators accused him of leaking customer data to fuel a wire fraud scheme.
The Federal Reserve has issued an order of prohibition against Jermal McGlown, who worked as a wire transfer administrator at the Memphis-based First Horizon Bank from June 2022 until his termination in January 2024.
According to the Fed, McGlown obtained confidential customer account information from November 2023 to January 2024 and gave the data to a third party. McGlown’s co-conspirators used the stolen details to impersonate customers and carry out fraudulent wire transfers.
The Fed says the scheme led to $42,000 in losses for First Horizon Bank and accused McGlown of violations of law or regulation, unsafe or unsound banking practices and breaches of fiduciary duty.
The prohibition order bars McGlown from working at or participating in the activities of any FDIC-insured bank, holding company, or affiliated entity without getting prior approval. The ex-First Horizon Bank employee has consented to the provisions of the order without admitting or denying the Fed’s allegations.
While the Fed says it will not take other actions against McGlown in relation to the incident, other federal or state agencies are free to do so.
First Horizon Bank is the 33rd-largest commercial bank in the US with $81.784 billion in total assets, according to Federal Reserve data.
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