New York - JPMorgan banker busted in $1.1M customer ripoff
New York - A young former business banker at JPMorgan Chase was ordered held without bail today on charges he pocketed more than $1.1 million by stealing the identities of customers.
Hao "Howie" Wang, 28, plied numerous schemes in looting the accounts three customers and a fourth victim from behind his desk at Park Avenue and 33rd Street between Feb. 2008 and Feb. 2009, Manhattan DA Cyrus Vance charged.
Wang used one non-customer's identity to get a $100,000 loan, the DA charged. In other cases involving customers, he simply grabbed money out of their accounts, dumping it into fictitious accounts he created in their names, the DA charged.
The banker used the money from one victim to buy himself a $46,000 Audemars Piguet watch, according to law enforcement sources. The investigation is continuing into possible accomplices, prosecutors said.
He faces a maximum prison sentence of up to 25 years.
"Hao Wang used his position as a banker to raid the accounts of customers who entrusted their money to this financial institution," Vance said.
In rejecting bail, Manhattan Supreme Court Justice Michael Obus said Wang -- who lives parttime in his native China and has been caught duplicating and altering his passport information in emails -- is "A tremendous flight risk."