A former Cary bank manager could spend 30 years in prison after he pleaded guilty to bank fraud Tuesday in federal court, the U.S. Attorney’s Office announced.
Lihn Van Nguyen, 39, of Fuquay-Varina, admitted in open court that he withdrew funds from the account of a bank customer, deposited the money into his personal online banking account and used the cash to make mortgage payments and other personal expenses, according to a news release Tuesday afternoon by Don Connelly, a spokesman with the U.S. Attorney’s Office in Raleigh.
Nguyen was working as a manager for retail and business banking at the Yadkin Bank in Cary and Creedmoor. In June 2015, Nguyen helped a customer establish a line of credit with the bank. The customer did not wish to withdraw the funds from the line of credit, but only established it to have the funds available, Connelly reported.
About a month after the line of credit was established, investigators say Nyugen established an online banking account in the customer’s name. He also caused notifications about withdrawals from the account to be directed to his email address, Connelly reported.
Investigators say the fraud began around July 29, 2015 and continued through Dec. 15 of that year, Connelly reported.
Prosecutors showed video surveillance that captured Nyugen depositing the customer’s funds into his personal accounts, Connelly said.
Yadkin Bank officials fired Nyugen after the fraud was discovered, according to Connelly.
A federal judge also ordered Nyugen to pay $100,000 in fines and sentenced him to five years of supervised release after he completes his prison sentence.
Nyugen is scheduled to be sentenced Nov. 27, Connelly reported.