Data Breach: US Bank Executive Steals $250,000 Directly From Customers

Vinod Dsouza
US Regions Bank Data Breach

A US bank employee is charged with fraud and pleaded guilty to stealing customers’ money to fund his flamboyant lifestyle. In the latest incident of data breach, 53-year-old Eric Jason Schouest admitted to stealing $250,000 from customers during his time as a US Branch Manager at the Regions Bank in Plank Road, Louisiana.

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Schouest used his power to embezzle the US bank fraud by indulging in a data breach accessing customers’ details. He illegally accessed customers’ accounts, both open and closed accounts during his tenure before being arrested. The former Branch Manager then transferred funds in and out of customers’ accounts and stole $250,000 worth of money.

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Data Breach: US Bank Manager Moved Funds From Customers’ Accounts To His Personal Account

regions bank us data breach

The illegal exploitation and data breach of the US bank started in 2020 and was in operation until April 2021. He moved the funds from the customers’ accounts and deposited them in his personal bank accounts. In addition, he sent false and forged documents and emails to other Regions Bank employees to conceal his fraudulent scheme.

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The US Department of Justice prosecuted the bank manager for data breach, theft, and embezzlement. The punishments for the crime can face up to 30 years in prison and a period of supervised release. He could also face a fine of $1 million for the crime committed.

“Beginning in or about 2020, and continuing through in or about April 2021, Schouest exploited his position of trust at Regions Bank to embezzle funds from customer accounts and deposit the money into his personal bank accounts,” said the DOJ on the US bank data breach.

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“He also sent false and fraudulent emails and forged documents to other Regions Bank employees to conceal his scheme. Some of the traceable fraudulent funds were used to make loan payments on personal items such as a house and a car. Through his scheme, Schouest misappropriated more than $250,000 from Regions customer bank accounts,” it read.