News

UPDATE: Former bank manager charged with theft and fraud

Updated with comments from TD Bank and additional comment from Nanaimo RCMP.

A former customer service manager with TD/Canada Trust has been charged with theft and fraud for alleged fraudulent banking transactions totaling nearly $60,000 dollars.

Frederick Scott Deering, 48, a former TD/Canada Trust branch customer service manager in Nanaimo, was charged Aug. 2 with one count of fraud over $5,000 and one count of theft over $5000 dollars.

The charges stem from an  investigation that started in September 2010 after it was alleged Deering misappropriated funds from dormant bank accounts.

The discovery triggered a joint investigation involving the Nanaimo RCMP Serious Crime Unit and the TD Bank Group Corporate Investigations Division.

While employed with TD/Canada Trust, Deering worked as a customer service manager in Nanaimo TD/Canada Trust branches at Turner Road and Terminal Park Mall.

Deering's employment with the company was terminated in October 2010.

Police said the investigation did not turn up any account holders from the Nanaimo area affected by the fraudulent transactions.

Deering's first court appearance is scheduled for Sept. 25 at Nanaimo provincial court.

Lynzey MacRae, TD Bank Group spokeswoman, said the alleged thefts were first discovered through an internal investigation by the TD Bank Group Corporate Investigations team, which brought their findings to the police.

Const. Gary O'Brien, Nanaimo RCMP spokesman, said more than three dozen accounts were hit, but police will not publicly give an exact figure or say precisely how much money was taken.

O'Brien said Deering was employed with the TD Bank Group for 20 years.

MacRae said there is technology in place that monitors for unusual activity in dormant accounts.

"Since then we've had some technology upgrades and, additionally, some upgrades in terms of our internal investigation processes," MacRae said. "We are always advising customers to regularly check their statements and if they find anything unusual, to call their bank."

MacRae said the incident was extremely rare and involved just one individual that is no long with the company. She did not know where the holders of accounts that were targeted resided, but said that account holders sometimes maintain bank accounts away from where they reside.

"What I can tell you is any customer that was impacted has already been reimbursed," McRae said

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Astronomy society invites public to safely view solar eclipse
 
VIU going into playoffs on top
 
Police probe suspicious vehicle fire
Soldier killed in Parliament Hill siege
 
Third attempt to reach sunken vessel aborted; Another attempt planned
 
VIDEO: Ottawa hero Kevin Vickers receives standing ovation in House of Commons
Dateline: Cowichan 1947: Basketball excitement grips the valley
 
Raptor patrols put feathered garbage gobblers on high alert
 
Inquiry slams door in face of First Nations groups

Community Events, October 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Oct 23 edition online now. Browse the archives.