A former Dime Bank executive was sentenced in Connecticutt to 51 months in prison

A former Dime Bank executive was sentenced Wednesday to 51 months in prison, followed by three years of supervised release, for embezzling more than $1 million.



Philip Mongillo , 51, of Westbrook, pleaded guilty in June to one count of bank theft.



Mongillo, who served as the bank's assistant vice president and technology officer, was responsible for overseeing the bank's hardware and software systems, according to a press release from the U.S. Department of Justice.



Mongillo admitted he created a fake company to issue false invoices to the bank in September 2001, according to court documents. The invoices purported to charge the bank for technology support services that Mongillo knew had not been rendered.



He also set up a post office box and a business checking account in the fictitious company's name and caused the bank to issue payments to the fictitious company, department officials said.



Mongillo then deposited the payments in the business checking account he had established. From September 2001 through November 2010, Mongillo stole approximately $1,029,050 from his employer, officials said.



U.S. District Judge Vanessa L. Bryant on Wednesday ordered Mongillo to pay restitution to the bank. Mongillo has agreed to a permanent bar from employment with any institution insured by the Federal Deposit Insurance Corp.







Read more: Former Dime Bank executive gets 51 months in embezzlement case - Norwich, CT - The Bulletin http://www.norwichbulletin.com/archive/x1069114619/Former-Dime-Bank-executive-gets-51-months-in-embezzlement-case#ixzz1YPPPYsk1