Quinn pleads not guilty to bank fraud
Portland — A 44-year-old Rockland woman, charged with stealing more than a half million dollars from Rockland Savings Bank, pleaded not guilty in U.S. District Court in Portland Jan. 15.
Magistrate Judge John H. Rich III accepted the plea from Shauna L. Quinn, who appeared for arraignment.
Quinn was released on previously set $5,000 unsecured bail.
The court ordered counsel for Quinn to meet and confer within five days on all discovery and pretrial production matters in the case.
She will file all pretrial motions no later than Tuesday, Jan. 28, the court ordered. The government must respond to each defense motion within 21 days of the filing.
A trial in the matter has been scheduled to appear before Judge George Z. Singal on Monday, March 4.
Quinn is represented by attorney Walter McKee of Augusta. She was arrested Dec. 14 by Rockland Police Officer Andrew Redden.
Quinn faces up to 30 years in prison for defrauding Rockland Savings Bank, where she was an employee, for creating home equity lines of credit and share loans in the names of her family members, and had more than $400,000 in funds improperly withdrawn from those loans, according to the prosecutor's statement.
The fraud took place between July 2008 and June 2011.
Quinn was hired in August 2000 as a teller. In October 2004, she was promoted to Customer Service Representative. In May 2007, she transferred to the collections department, where she acted as collections manager, according to the affidavit.
The bank became aware of the fraud in June 2011 when it learned the defendant had performed a transaction in her daughter's checking account and noticed a large and unusual deposit of $5,000 into that account.
The deposit transaction was traced to a principal disbursement from the defendant's mother's line of credit. A review of the account over a 45-day period revealed that about $60,000 was deposited into that account from Quinn's mother's account and the accounts of other family members' lines of credit and about $55,000 had been transferred from the defendant's daughter's account to Quinn's personal checking account.
An FBI forensic accountant reviewed the account and found that Quinn had misappropriated $538,795 through improper advances on loans and lines of credit that were not authorized by the bank, according to the prosecutor's statement.
She misappropriated the funds through improper loan maintenance, such as increases in authorized lines of credit, changing addresses to mail statements to borrowers, and posting transactions using her general ledger and teller privileges, thus creating fictitious loan documents, according to the affidavit.
The fraud was concealed in part through a scheme whereby certain loan advances were used to make payments on other loans in order to keep the loans in a current status, the prosecution alleged.
She was confronted by bank employees on June 24, 2011, and admitted to making unauthorized increases to home equity line of credit available balances and creating unauthorized loans to family members. Her employment was terminated.
Courier Publications reporter George Chappell can be reached at 207-594-4401, ext. 117, or by email at email@example.com.