MANHATTAN (CN) - Federal prosecutors say the president of Mt. Vernon Money Centers, Robert Egan, defrauded Webster Bank of $12 million by taking the money from the bank's ATM machines. Egan was arrested Monday.
Egan, 64, of Bedford Corners, N.Y., ran the game while his company had a contract to restock the bank's ATM machines, the U.S. Attorney's Office said.
Prosecutors say that on eight occasions in January, at Egan's direction, his company "falsely represented to Webster Bank that it had returned the cash it had collected from Webster's ATMs or was retaining the cash in its own vault for the benefit of
Webster Bank. In fact, EGAN failed to return over $12 million of Webster Bank's money to Webster Bank, and instead misappropriated the money for use in MVMC's business operations."
Read the Top 8
Sign up for the Top 8, a roundup of the day's top stories delivered directly to your inbox Monday through Friday.