Bank executive, husband plead guilty to embezzling $2.7M

A former Bank of America executive and her husband have pleaded guilty to embezzling more than $2.7 million from the bank through fraudulent charitable donations then using the money to fund a lavish lifestyle.

Federal prosecutors say 45-year-old Palestine "Pam" Ace, a former senior vice president of the Charlotte, North Carolina-based bank's Global Wealth and Investment Management Division, pleaded guilty Thursday to multiple counts of bank fraud and wire fraud.

Her husband, 46-year-old Jonathan Ace, pleaded guilty to wire fraud and engaging in an unlawful monetary transaction.

Authorities say the Rockland, Massachusetts, couple transferred bank money to various nonprofit organizations, and then demanded the return of a portion of the money in order to ensure that Bank of America would continue to fund the organization.

Sentencing is scheduled for May.