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Former Bank Manager Admits Embezzling $879,000 From CD Accounts

U.S. Federal Court in Hartford.
U.S. Federal Court in Hartford. Photo Credit: File

A former bank manager in Connecticut has admitted to stealing nearly a million dollars from the CD accounts of 20 account holders at his branch without their consent.

Hamden resident Stephen Carbonella, 59, pleaded guilty in Hartford federal court to embezzling funds from his employer, Webster Bank Corporation, where he served as a bank manager of the Orange branch office.

Between 2013 and 2017, Carbonella admitted to withdrawing $879,016.48 from 20 account holders’ certificate of deposit accounts at Webster Bank without their knowledge or consent. He then used those embezzled funds for his own purposes. Carbonella would later forge signatures and falsify documents in an attempt to conceal his misconduct.

Carbonella pleaded guilty to one count of embezzlement by a bank officer or employee, an offense that carries a maximum term of 30 years in prison. Carbonella has been on release on $200,000 bond since his arrest on July 3. Carbonella is due in court on Dec. 4, when he is scheduled to be sentenced.

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