OCC Bans Ex-Banker Garrow for $3.4M Fraud Scheme

The Office of the Comptroller of the Currency (OCC) has taken decisive action against a former bank employee accused of misappropriating millions of dollars from customer accounts. The OCC has issued an order of prohibition against William Shane Garrow, the former senior vice president of private banking for a subsidiary of BOK Financial in Tulsa, Oklahoma. According to the OCC, Garrow allegedly misappropriated approximately $3,437,536 from multiple customers’ accounts under the bank’s custody for his personal benefit, without the customers’ knowledge or authorization. This misconduct occurred over a period of approximately three years, from March 17, 2021, to March 12, 2024.

The OCC's investigation revealed that Garrow engaged in unsafe and unsound practices, resulting in significant losses for the bank. As a result, the regulator has banned Garrow from working at any insured depository institutions, including banks and credit unions. Garrow has consented to the issuance of the order without admitting or denying the OCC’s findings. This action by the OCC comes after Garrow pleaded guilty to bank fraud and willfully making and subscribing a false Federal income tax return. He was sentenced last month to 71 months in prison and ordered to pay $3.86 million in restitution and $1.519 million to the IRS.

Prosecutors detailed that Garrow directed fraudulent wire transfers and cashier’s checks from at least 16 client accounts to entities and bank accounts that he controlled. When clients inquired about the transactions, Garrow would attribute them to banking errors and either return the stolen funds or transfer money from another victim’s account to cover the discrepancy. This deceptive behavior spanned over a decade, causing significant disruption and financial harm to both the bank and its customers.

US Attorney Clint Johnson emphasized the severity of Garrow's actions, stating, “Garrow deceived people for over 12 years, and his actions wreaked havoc on banking personnel who were tasked with correcting his wrongs. This was not a simple banking error or an accident, but rather a criminal scheme. Garrow abused the trust given to him by the bank and its customers.” The OCC's action underscores the importance of maintaining the integrity and trust within the financial industry, ensuring that such breaches of trust are met with severe consequences.