LOUISVILLE, KY (WAVE) - A former employee of PNC Investments has been indicted by a Louisville grand jury on two counts bank fraud for executing a scheme and artifice to defraud PNC Bank and its customers.
According to court records, between October 24, 2006 and June 10, 2010, William T. Hernandez of Radcliff, Kentucky while employed by PNC Investments, knowingly and with intent to defraud, caused monies to be withdrawn from an account with PNC Investments, deposited the money into a PNC Money Market Savings Account, then issued cashiers checks for his personal benefit and gain, causing a loss of over $250,000.
Between July 1, 2010 and October 20, 2010 Hernandez executed a similar scheme while an employee of PNC Investments, by withdrawing money from a PNC Investments account, depositing the funds into a PNC Bank account and issuing cashiers checks for his personal benefit and gain, causing a loss of over $60,000.
In the event of a conviction, the maximum potential penalties are 40 years' imprisonment, a $500,000 fine, and supervised release for a period of three years.
The case is being prosecuted by Assistant United States Attorney Jim Lesousky, and it was investigated by the FBI.