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Former Bank Manager Who Embezzled $879K From CD Accounts Sentenced

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

A former bank manager has been sentenced for stealing nearly a million dollars from the CD accounts of 20 account holders at his branch without their consent.

Hamden resident Stephen Carbonella, 59, has been sentenced to 21 months in prison, followed by three years of supervised release, after pleading 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 carried a maximum term of 30 years in prison. Carbonella remains released on a $200,000 bond and is scheduled to report to prison on Jan. 29 next year.

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