Private Banker Faces Lifetime Industry Ban After Allegedly Stealing $3,437,536 From Customer Accounts Over Three Years: OCC

The Office of the Comptroller of the Currency (OCC) is taking action against a former bank employee who allegedly stole millions of dollars from customer accounts.

The OCC says it’s issuing an order of prohibition against William Shane Garrow, the former senior vice president of private banking for a subsidiary of BOK Financial in Tulsa, Oklahoma.

Says the OCC,

“Between approximately March 17, 2021 and March 12, 2024, respondent misappropriated approximately $3,437,536 from multiple customers’ accounts under the bank’s custody for his personal benefit, without the customers’ knowledge or authorization.”

According to the OCC, Garrow engaged in unsafe and unsound practices and violations of law that resulted in significant losses for the bank.

The regulator has now banned Garrow from working at insured depository institutions, including banks and credit unions. The former bank executive is consenting to the issuance of the order without admitting or denying the OCC’s findings.

The OCC action comes after Garrow pleaded guilty to bank fraud and willfully making and subscribing a false Federal income tax return. Garrow was sentenced last month to 71 months in prison. He was also ordered to pay $3.86 million in restitution and $1.519 million to the IRS.

Prosecutors said Garrow directed fraudulent wire transfers and cashier’s checks from at least 16 client accounts to entities and bank accounts that he controlled. If a client asked about the transactions, Garrow blamed it on a banking error and would return the funds stolen or transfer money from another victim’s account.

Said US Attorney Clint Johnson last month,

“Garrow deceived people for over 12 years, and his actions wreaked havoc on banking personnel who were tasked with correcting his wrongs. This was not a simple banking error or an accident, but rather a criminal scheme. Garrow abused the trust given to him by the bank and its customers.”

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