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Wachovia Employee Admits To Convincing Clients To Put $14.1 Million In Wealth Management Fund Bank Didn't Actually Offer

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Like most people who do these sorts of things, Linda Speaks Tribby had a good excuse, which is that she needed the money to buy a helicopter and a motor home, two purchases that seem slightly at odds but the heart wants what it wants.

From about December 2003 to January, Tribby sold some customers on a “wealth-management account product” that she said earned tax-free interest -- a product the bank didn’t offer -- then transferred funds from their accounts into accounts that she controlled, prosecutors charged. Tribby created fake balance statements for the customers and made periodic interest payments, prosecutors said. She used the money for purchases including a home in West Virginia, a hunting cabin built on about 200 acres of land in New York, a lake house in New York, about 100 acres of property in Nevada, a luxury motor home and a helicopter.

For its part, Wachovia said it was "pleased that this matter, which was an isolated case involving one former team member, has been resolved," which is kind of like tempting the god's to turn up another RV-loving, ethically challenged employee or 12 among the ranks.

Ex-Wachovia Manager Admits to Stealing $14 Million to Buy Helicopter, Land [Bloomberg]


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