Former Bank VP Admits $411,923 Fraud Scheme

A former senior bank vice president has admitted to defrauding her employer of $411,923 over a six-year period. Amy Jo Reid, who served as the director of purchasing for an unnamed bank in Green Bay, Wisconsin, exploited bank-sponsored credit cards, known as “purchase cards” or “p-cards,” intended for bank-related purchases. Instead, Reid used these cards for personal expenses, including flights, hotel reservations, rental cars, property taxes, flood remediation, casino gambling, and Amazon purchases.

To conceal her actions, Reid submitted doctored receipts and made misleading statements to disguise personal expenses as work-related. This scheme spanned from May 2018 to May 2024, during which Reid repeatedly charged personal expenses to the p-cards. The fraud was uncovered through an internal audit, leading to Reid's arrest and subsequent guilty plea to three fraud charges.

Reid has agreed to pay $411,923 in restitution to the bank. Each fraud charge carries a maximum penalty of 30 years in prison and a $1 million fine. This incident underscores the critical importance of robust internal controls and regular audits within financial institutions to prevent and detect fraudulent activities. The bank has assured its customers and stakeholders that it is taking all necessary measures to recover the misappropriated funds and prevent similar incidents in the future.

The case serves as a stark reminder of the potential risks associated with financial institutions and the need for vigilance in detecting and preventing fraud. The bank's swift response and cooperation with law enforcement highlight the importance of transparency and accountability in maintaining trust and integrity within the financial sector.