Rockland woman sentenced to 33 months in prison for bank fraud

By Juliette Laaka | Dec 11, 2013

Portland — A 45-year-old Rockland woman was sentenced to 33 months in prison and pay more than a half million in restitution following a plea agreement where she admitted to embezzling money from Rockland Savings Bank while she was an employee.

Shauna Quinn was sentenced by federal Judge George Z. Singal Dec. 11, and is ordered to begin her nearly three year sentence mid-January. She pleaded guilty to the charges in August in U.S. District Court, according to court papers.

Quinn is ordered to pay $81,905 to Rockland Savings Bank and $456,889 to the bank's Connecticut-based insurance company.

While employed at the bank, Quinn created 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lines of credit and share loans in the names of her family members, and had more than $400,000 in funds improperly withdrawn from those loans, according to the prosecutor's statement.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 is represented by attorney Dale F. Thistle. She was arrested Dec.14, 2011 by Rockland Police Officer Andrew Redden.

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 after learning 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.

Quinn could have faced up to 30 years in prison, and a maximum fine of $1 million.

Quinn will be on probation for three years following her release from prison.

Courier Publications' reporter Juliette Laaka can be reached at 594-4401 ext. 118 or via email at jlaaka@courierpublicationsllc.com.

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Juliette Laaka
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Juliette primarily covers the cops and courts beat for The Courier-Gazette.

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