Loan Officer Jailed for Fraudulently Increasing Her HELOC

Allison Tussey —  March 15, 2013 — Leave a comment

Allison McClellan, 40, Odenville, Alabama, a former loan officer at a Birmingham bank, was sentenced by a federal judge to six months in prison, followed by six months home detention, plus three years of supervised release, for a five-year fraud through which she stole almost $275,000 from her employer.

U.S. District Judge R. David Proctor sentenced the defendant on one count of computer fraud and ordered her to pay $308,554 in restitution to SouthPoint Bank where she worked as its loan operations manager. McClellan had agreed to pay that amount in restitution as part of her plea agreement with the government. She pleaded guilty to the computer fraud in November. The restitution reflects the $274,775 she stole from SouthPoint, plus the $33,779 the bank spent in investigative and legal fees related to the crime.

McClellan worked at SouthPoint from 2005 to 2012. She used her computer access as the bank’s loan operations manager to defraud the bank between 2007 and 2012.

According to the charges and her plea agreement, she used her computer access to fraudulently increase the home equity line of credit she and her husband obtained from the bank in February 2006. She increased the credit line 69 times between October 2007 and April 2012, raising it from $65,000 to $328,000. McClellan also fraudulently increased a personal line of credit she obtained from SouthPoint in 2005, raising it 11 times in 2009 and 2010 to reach a $15,000 credit line.

U.S. Attorney Joyce White Vance and FBI Special Agent in Charge Richard D. Schwein, Jr announced the sentence.

The FBI investigated the case, and it was prosecuted by Assistant U.S. Attorney Henry Cornelius.

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