Manager Admits to Embezzling Nearly $880K From Bank In Orange

ORANGE, CT — A Hamden man pleaded guilty Wednesday to embezzling nearly $880,000 from Webster Bank where he worked as bank manager of the Orange branch office, U.S. States Attorney for Connecticut John H. Durham announced. Stephen Carbonella, 59, of Hamden, faces up to 30 years in prison after pleading guilty to a federal charge of embezzlement by a bank officer or employee.

According to court documents and statements made in court, between approximately 2003 and 2017, Carbonella withdrew $879,016.48 from approximately 20 account holders’ certificate of deposit (CD) accounts at Webster Bank, without the knowledge or consent of the account holders, and used the embezzled funds for his own purposes. He also took steps to conceal his misconduct, including by forging signatures and falsifying documents, according to authorities.

Carbonella, who has been released on a $200,000 since his arrest on July 3, is scheduled to be sentenced on Dec. 4. To sign up for Orange breaking news alerts and more, click here.

Image via Shutterstock