Defendant used embezzled funds to purchase Porsche SUV and luxury items 

May 10, 2021 - BOSTON – A former client relationship manager at Bank of America was sentenced today (May 7) in connection with embezzling $1.5 million from a client company and using a portion of those funds to purchase luxury items.

Waqas Ali, 31, of Abington, was sentenced by U.S. District Court Chief Judge F. Dennis Saylor IV to one year and one day in prison and two years of supervised release, one year of which is to be served on home confinement. Ali was also ordered to pay $600,000 in restitution and forfeiture. In October 2020, Ali pleaded guilty to wire fraud and unlawful monetary transactions.

Ali was the client relationship manager for the victim company, which was a Bank of America client. Ali opened a checking account in the name of the victim company without its knowledge or authorization, and between September 2016 and July 2017, fraudulently transferred over $1.5 million from the victim company’s accounts to a fraudulent account.

Ali used approximately $600,000 of the funds he fraudulently obtained to fund his lifestyle and pay for luxury items, including a Porsche SUV and retail items at Neiman Marcus, Bloomingdales, Christian Louboutin and Tag Heuer.

Acting United States Attorney Nathaniel R. Mendell and Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division made the announcement today. Assistant U.S. Attorney Mackenzie A. Queenin of Mendell’s Securities, Financial & Cyber Fraud Unit prosecuted the case.

Source: DOJ