West Haven man pleads guilty to embezzling funds from bank he worked at

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WEST HAVEN–A personal banker at the JPMorgan Chase bank in New Canaan has pleaded guilty to embezzling more than $100,000.

Stephen DeCrescenzo, 37, of West Haven, waived his right to indictment by pleading guilty in federal court in New Haven on Monday to one count of wire fraud. He also stepped down from his position on the West Haven City Council on Monday.

Between September 2008 and November 2011, DeCrescenzo embezzled $106,028 from customer accounts by transferring the money to a separate customer account that he had access to. He hid the withdrawals as authorized cash withdrawals by customers. DeCrescenzo also wired stolen funds into another bank account for his personal benefit.

DeCrescenzo was released on $50,000 bond and will be sentenced on Feb. 17, 2015. He faces a maximum of 20 years in prison.

The Connecticut Financial Crimes Task Force, Greenwich Police Department and New Canaan Police Department investigated this incident.

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