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Thursday, November 28, 2013

Investigation into embezzlement at WMass bank

 The president of a Lenox bank says two longtime employees have been fired and local and federal police are cooperating on an investigation into the suspected embezzlement of bank assets.

Lenox National Bank President Paul Merlino calls the allegations a "shocking betrayal."

He tells The Berkshire Eagle that because no charges have been filed, he cannot disclose the fired employees' names, but did say they were tellers. He also could not disclose the amount allegedly embezzled.

The FBI confirmed Monday that it is conducting a joint investigation with the Lenox Police Department into the alleged embezzlement.

Merlino said no customer accounts are affected and all losses are covered by insurance.

The independent bank founded in 1889 has $65 million in assets and just one branch.

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