Former New Canaan Bank Employee Embezzled More than $100K in Funds

Stephen DeCrescenzo, 37, of West Haven was sentenced today to one day of imprisonment, time already served, six months in community confinement (“halfway house”) and three years of supervised release for embezzling more than $100,000 in funds from the New Canaan bank where he was employed, federal authorities said in a press release.

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, 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.

DeCrescenzo was ordered to pay full restitution. On November 24, 2014, DeCrescenzo pleaded guilty to one count of wire fraud.

DeCrescenzo is a former member of the West Haven City Council.

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