Monday, November 24, 2014 - 6:15pm

ETX woman sentenced to federal prison for using client funds of $1 million to pay personal expenses

ETX woman sentenced to federal prison for using client funds of $1 million to pay personal expenses
MGN-Online
CrimeWatch

POSTED: Tuesday, May 28, 2013 - 3:35pm

UPDATED: Tuesday, May 28, 2013 - 3:36pm

A 60-year-old Spurger, Texas, woman has been sentenced to federal prison for federal violations in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.

Sammy Gail Page pleaded guilty on Jan. 4, 2013 to interstate transportation of money taken by fraud and was sentenced to 57 months in federal prison today by U.S. District Judge Marcia Crone. Page was also ordered to pay restitution in the amount of $1,207,440 to UBS financial Services.

According to information presented in court, from 2005 to March 2011, Page, an investment advisor at the Beaumont office of UBS, made unauthorized withdrawals from five different client accounts on over 60 different occasions totaling $1,207,440.00.

Page was employed by UBS since 1987 and had wide discretion in the withdrawal and transfer of funds.

Page arranged the withdrawals by authorizing the issuance of wire transfers, generally payable to American Express, where she maintained a credit card account.

The investigation revealed that Page used the client funds to pay her own personal expenses, such as credit card balances. Page was indicted by a federal grand jury on October 17, 2012.

Page was ordered to report to the U.S. Marshals Service on July 12, 2013 to be transported to the Bureau of Prisons.
 

Comments News Comments

Post new Comment