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Former Chula Vista Wells Fargo banker Ricardo Adolfo Benavente III has been charged with defrauding the bank and its customers by stealing and laundering $750,000 from customer accounts. An indictment was unsealed today (April 25). According to that indictment, Benavente stole funds from accounts of four customers, and moved the money to fictitious customer accounts that he controlled. He was arraigned today and pleaded not guilty.

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Comments

Visduh April 26, 2013 @ 8:36 a.m.

You would wonder if he thought he could really get away with it. Banks are tightly controlled and have detailed records of all transactions I'd think. Anything that happens can be traced to somebody, and that makes it impossible for a bank officer to hide involvement in any sort of misappropriation. (Too bad that the banks are not as closely controlled at the top as they are at the interface with account holders. The financial meltdown of 2008 was thousands of times worse than this embezzlement, and nobody is in prison for THAT.)

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Don Bauder April 28, 2013 @ 12:43 p.m.

Visduh: It's so interesting that individual banks are tightly controlled internally, but the banking industry is barely controlled at all by regulators. Best, Don Bauder

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