December 5, 2018

Webster Bank manager gets 21 months for $879K embezzlement

Photo | Contributed
Photo | Contributed
A Webster Bank branch.

A former Webster Bank manager convicted of embezzling about $879,000 over 14 years will spend 21 months in federal prison for his crimes, prosecutors say.

Stephen Carbonella, 60, of Hamden, was sentenced Tuesday in Hartford federal court for withdrawing the funds from about 20 account holders' certificate of deposit (CD) accounts at Webster Bank, the Connecticut U.S. Attorney's Office said.

Carbonella was released on $200,000 bond and will report to prison Jan. 29, 2019. He must also repay the money he stole and will serve the first six months out of prison in home confinement followed by three years of supervised release.

According to investigators, Carbonella, a bank manager of Webster's Orange branch, from about 2003 to 2017 withdrew $879,016 from accounts holders' CDs without their knowledge or consent and used the embezzled funds for his own use.

Carbonella also tried hiding his misconduct by forging signatures and falsifying documents, authorities said.

He was arrested in July and pleaded guilty to one count of embezzlement in September.

The case was investigated by the Federal Bureau of Investigation (FBI) and prosecuted by Assistant U.S. Attorney John T. Pierpont Jr.

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