Chase Bank Adviser Accused of Looting Millionaire's Account

A 25-year-old Chase Bank investment adviser is behind bars at Rikers Island after being charged with siphoning $110,000 from a millionaire's private account. Saucy Robin Katz worked at Chase's midtown headquarters until May, at which point she told employers she had to return to California for a family emergency. In April, one of Chase's clients realized that his seven-figure account balance had a six-figure shortfall, and auditors determined that an extra ATM card in the millionaire's name had been created in June 2008 and was used dozens of times to withdraw cash out of the account. Bank investigators traced the scam to Katz and asked her to return from California because she had some explainin' to do; she was arrested after arriving back in NYC last week. A police source tells the Post, "She just spent it... shopping and going out." The tabloid also pulls some choice quotes from Katz's MySpace profile, where she describes herself as a "rocket scientist by day, party fool by night," and lists her interests thus: "Politics: F-- Bush. Sex: F-- Me."

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By John Del Signore in News on July 21, 2009 12:42 PM

Comments [rss]

yytttt

Robin Katz or Robin Madoff? You decide.

Clarice City

Looks like she's mixing up a little iceing for that muffin top.

NannyState

Meeoww!

Clarice City

I wonder if we'll find out that Scumbag McLowlife has stolen from smaller accounts as well.

longacre

I'm sure this happens a lot more than we know. Rich people, and some not-so-rich people, don't always look at their statements very closely. And when someone gets caught, the bank could just apologize for the "error" and quietly fire whoever did it.

janyy

That's definitely true. I keep everything in quicken rather obsessively, but if I see an extra ATM withdrawal I just assume I lost the receipt or just forgot about it. I would definitely notice 110k though...

Mr Mel

I would think there would be better control of Credit Cards being issued. They would normally be mailed to a verifiable home address and a letter sent to the account holder notifying them of the number of cards and if any new cards were issued.. Unless she had the cards delivered to the Bank Branch and gave it to him there and kept one for herself and was able to put a pin# in place. In any case the bank is liable. They may or may not get the money back from her, unless there is family involved and they want to keep her out of jail. I don't know how it works now, but bank fraud is a Federal Offense and that dictates mandatory jail time. The lawyers will come out just fine on this one.

whitecastlerock

Rocket scientist by day... embezzling whore by night

theevilone

So do you wear one strand of pearls with an orange jumpsuit or the double strand?

famdoc

With apologies to those of you who are 25 years old or younger, is there not something wrong with a 25 year old managing tens of millions of dollars of investors money without a system of monitoring in effect? I know, I know...Bernie Madoff is 70-something and the kid in France who blew all those currency trades was 30-something. I just think that big banks gotta have accountability.

I'm gonna say what some are thinking here: Madoff...Katz...being a member of any particula racial or ethnic group is no guarantee of being honest.

jaycjay

An investment adviser doesn't manage money. That's why they're called advisers.

nyorker555

Chase will hire any recent college grad (or worse) to man the desks in their branches. Chase isnt picky and there's lots of employee turn-over.