Warren woman admits embezzling $700,000 from Camden National Bank

Posted Jan. 13, 2011, at 11:13 a.m.
Last modified Jan. 30, 2011, at 11:31 a.m.

PORTLAND, Maine — A Warren woman has pleaded guilty in U.S. District Court to embezzling more than $700,000 from Camden National Bank.

Christina Torres-York, 40, waived indictment Tuesday and admitted that from April 2007 until she was fired in October 2009, she used more than $700,000 from about three dozen customers’ accounts to make unauthorized loans, according to court documents.

She pleaded guilty to one count of bank embezzlement and misapplication of funds, a charge that contains two elements of the crime.

U.S. District Judge George Singal released Torres-York on personal recognizance bail after she entered the guilty plea.

A sentencing date has not been set.

Torres-York worked as loan officer at the Waldoboro branch when she began making unauthorized transfers, most often by issuing a debit memo to a customer’s deposit or loan account, according to the prosecution version of events to which she pleaded guilty.

That memo caused a cashier’s check payable to the bank to be issued by a teller. Torres-York then would have another teller deposit the check into a different customer’s deposit or loan account, according to the prosecution’s description of the crime. Some of the money Torres-York admitted to embezzling was used to pay for work on her home.

“The defendant undertook these transactions for the primary purpose of making funds available to some customers of the bank outside of normal and required procedures for [the] extensions of loans and other credit,” the prosecution version stated. “The defendant often restored some or all of the funds misappropriated from a customer’s account by a later credit to that account which she funded with misappropriated funds from another customer’s account.”

Torres-York faces up to 30 years in federal prison and a fine of up to $1 million. In her plea agreement with federal prosecutors, Torres-York waived her right to appeal the case if her sentence is not longer than two years and nine months.

She also is expected to be ordered to pay restitution.

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