July 5, 2018

Bank manager arrested for alleged $850K embezzlement

A former Webster Bank manager was arrested Tuesday for allegedly embezzling more than $850,000 from the Orange branch office where he worked, prosecutors say.

Stephen Carbonella, 59, of Hamden, on Tuesday pled not guilty to one count of embezzlement and was released on $200,000 bond, according to the Connecticut U.S. Attorney's Office.

The offense carries a maximum prison sentence of 30 years.

According to investigators, Carbonella withdrew over $850,000 from account holders at Webster Bank without their consent and used the funds for personal use between 2003 and 2017.

Carbonella also attempted to hide the transactions by forging signatures and falsifying documents.

The FBI is investigating the case prosecuted by Assistant U.S. Attorney John T. Pierpont, Jr.

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