Four men from the metro Atlanta area are headed to federal prison for stealing more than $4 million from the Bank of New York Mellon and using it to buy vehicles and a suite at Atlanta Hawks games, the U.S. Attorney’s Office said Thursday.
In addition to prison time, Zachary Vaughn, Derek Spinks, Harry Cobb and William Leese must also pay restitution in the amount of $4,387,598.57, acting U.S. Attorney John Horn’s office said in an emailed statement.
“In 2009, Defendant Vaughn brazenly stole more than $4 million and for years manipulated bank accounts to cover his tracks, all for the benefit of himself and his co-conspirators who enjoyed the fruits of the theft,” Horn said. “Citizens trust financial institutions with their money every day and have the right to expect that bank employees handling their accounts have the utmost integrity. Those who enrich themselves by stealing someone else’s money will be caught and prosecuted.”
From 2005 to 2013, Vaughn was employed by the Bank of New York Mellon in Atlanta, where he had access to client funds that were held at the bank, according to investigators. One of the accounts held more than $4.3 million in reserve funds, which belonged to a customer of the bank, and Vaughn and Spinks conspired to steal the funds from the bank, authorities said.
In December 2009, Vaughn wired $4.3 million from the Bank of New York to a bank account in the name of a business owned by Spinks, prosecutors said. Spinks and Leese then invested the money in C&L Logistics and Transportation, LLC, a business owned by Leese and defendant Cobb. In January 2010, the defendants arranged to move the $4 million to a C&L bank account that was controlled by Leese and Cobb.
The four used the stolen money to buy personal vehicles, a suite at Hawks games, gold and trips, Horn’s office said. Vaughn continually moved client funds from one account to another so that the original theft went undetected until 2013, when he left his employment with the bank.
All four men have been sentenced to prison.
- Vaughn, 35, of Atlanta: sentenced on Feb. 19, 2015, to five years, three months in prison to be followed by five years of supervised release. Vaughn was convicted after pleading guilty on Aug. 18.
- Spinks, 35, of Austell: sentenced Wednesday to two years, nine months in prison to be followed by five years of supervised release. Spinks was convicted after pleading guilty on Sept. 4.
- Cobb, 48, of Decatur: sentenced Thursday to one year, eight months in prison to be followed by five years of supervised release. Cobb was convicted after pleading guilty on Sept. 15.
- Leese, 33, of Duluth: sentenced on Feb. 19 to three years, one month in prison to be followed by five years of supervised release. Leese was convicted after pleading guilty on Dec. 5.
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