Personal Banker Pleads Guilty to Embezzlement Case

The New Canaan personal banker arrested on larceny charges in connection with the theft of more than $100,000 from clients’ accounts, has pleaded guilty to a federal wire fraud charge stemming from the embezzlement scheme and could face a maximum 20-year prison sentence.

U.S. Attorney for Connecticut, Deirdre M. Daly announced that Stephen DeCrescenzo, 37, of West Haven, waived his right to indictment and pleaded guilty to one count of wire fraud on Monday before U.S. District Judge Janet Bond Arterton in New Haven. DeCrescenzo, who was a member of the West Haven City Council, resigned his post Monday, Daly also announced.

According to court documents and statements made in court, DeCrescenzo was employed as personal banker for JPMorgan Chase Bank in New Canaan. Between approximately September 2008 and November 2011, DeCrescenzo embezzled $106,028 in funds from customer accounts by transferring the funds into a separate customer account to which he had access. As part of his scheme, DeCrescenzo disguised numerous withdrawals from the accounts as authorized cash withdrawals by customers when, in fact, he had stolen the money. DeCrescenzo also wired funds stolen from a customer account into another bank account for his personal benefit.

Arterton scheduled sentencing for Feb. 17, 2015, at which time DeCrescenzo faces a maximum term of imprisonment of 20 years.

DeCrescenzo was released on a $50,000 bond.

The investigation is being conducted by the Connecticut Financial Crimes Task Force, the Greenwich Police Department and the New Canaan Police Department and is being prosecuted by Assistant U.S. Attorney Douglas P. Morabito.

Meanwhile, DeCrescenzo still faces two counts of first-degree larceny lodged by New Canaan Police, in connection with the case. He has asked for a jury trial in state Superior Court in Stamford.

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