Bank executive, husband plead guilty to embezzling $2.7M
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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.