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MIAMI - A former Miami bank employee is facing fraud charges for allegedly stealing millions of dollars from foreign customers.
Federal prosecutors announced the charges Thursday against former Bank of America employee Ricardo Figuerado. They say Figuerado misappropriated $11 million from several foreign customers to make personal investments and $1 million to support a lavish lifestyle. Figuerado also allegedly diverted another $11 million from other accounts to pay interest and meet withdrawal demands.
Prosecutors say Figuerado convinced customers to deal only with him, not to expect bank statements or make Internet transactions.
Figuerado, who was released on $500,000 bail, faces a maximum 30-year prison sentence, although he would likely get far less if convicted. Figuerado also was charged by prosecutors in a criminal information, which usually indicates that the defendant will plead guilty.
His attorney, David Edelstein, said that Figuerado "fully accepts responsibility for his actions. From the very beginning, he has been cooperative and looks forward to resolving this matter in court."
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