Wells Fargo Employee Charged With Stealing $947,000 From ATMs

A former Wells Fargo employee in California is facing serious charges after allegedly stealing $947,000 from the bank’s ATM machines over a period of nearly two years. Tamim Ghulam Haidar, the former Wells Fargo Union City branch operations associate manager, is accused of underfunding the bank’s ATMs and pocketing the difference for personal use. According to legal documents filed in the U.S. District Court Northern District of California, Haidar is alleged to have deposited the stolen funds into his own bank accounts or those he controlled. These funds were reportedly used to cover losses incurred while trading in the foreign currency markets.

The alleged embezzlement occurred between February 2021 and October 2022. Prosecutors claim that Haidar sometimes used the credentials of other bank employees to deposit cash into the ATMs, thereby concealing the fact that he was inputting false and inflated dollar amounts. This tactic was allegedly employed to avoid detection and maintain the appearance of legitimate transactions.

Haidar is charged with embezzlement by a bank employee and engaging in monetary transactions in property derived from specified unlawful activity. If convicted, he faces up to 30 years in federal prison. Prosecutors are also seeking to force Haidar to forfeit the money he allegedly stole, aiming to recover the funds for the bank and its customers.

This incident highlights the vulnerabilities within financial institutions and the potential for internal fraud. It underscores the importance of robust internal controls and monitoring systems to detect and prevent such activities. The case also serves as a reminder of the risks associated with unauthorized access to bank systems and the need for stringent security measures to protect against insider threats.