Manager Embezzled Funds for Approximately 10 Years SAN JOSE …

Manager Embezzled Funds for Approximately 10 Years

SAN JOSE – LAWFUEL – Law News, Law Jobs Network – United States Attorney Kevin V. Ryan announced that Rose Magpantay Valdez, was sentenced today in San Jose before Judge Jeremy Fogel. to 33 months in federal prison, to be followed by 3 years of supervised release. She was also ordered to make restitution in the amount of 1,128,000 to Silicon Valley Bank. Ms. Valdez pleaded guilty to bank embezzlement on July 12, 2006.

Ms. Valdez, 44, of San Jose, had been employed by the Silicon Valley Bank (SVB) from 1984 until 2005 and served as Manager of the Structured Finance Department at the 3003 Tasman Drive, Santa Clara, California, branch from 1995 until 2005.

In pleading guilty, Ms. Valdez had admitted to the following:

In approximately 1995, she discovered a way to steal bank funds for her own personal use by exploiting a weakness in the security systems in place. From 1995 until 2005, with a brief hiatus in 1997, Ms. Valdez embezzled funds from the bank and deposited them in her personal SVB account. Because Ms. Valdez served as a bank manager, she had access to the bank’s general ledger accounts and the authority to move monies from one general ledger account to another, with the approval and initials of one of several other authorized bank employees. Ms. Valdez stole funds by filling out debit and credit slips that reflected that monies were being transferred from one general ledger account to another pursuant to bank business. Ms. Valdez would then illegibly scribble fictitious names on the slips, initial the slips, and submit them to another authorized bank employee to approve and initial. The employee would return the slips to Ms. Valdez, who would replace the deposit slips with her own slips in the same dollar amount. Ms. Valdez admitted to using odd dollar amounts so as not to arouse suspicion. She would then deposit the monies into her own personal SVB account. Ms. Valdez stated that she carried out this embezzlement for approximately 10 years. The bank was federally insured throughout the period during which she committed her thefts.

This case is the result of an investigation by the FBI. Silicon Valley Bank security personnel assisted in the investigation.

Thomas O’Connell is the Assistant U.S. Attorney who prosecuted the case.

Further Information:

Case #:CR-06 00370 JF HRL

A copy of this press release may be found on the U.S. Attorney’s Office’s website at www.usdoj.gov/usao/can.

Electronic court filings and further procedural and docket information are available at https://ecf.cand.uscourts.gov/cgi-bin/login.pl.

Judges’ calendars with schedules for upcoming court hearings can be viewed on the court’s website at www.cand.uscourts.gov.

All press inquiries to the U.S. Attorney’s Office should be directed to Luke Macaulay at (415) 436-6757 or by email at [email protected]

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