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The Boston Globe

Business

Former banker charged with $6m theft scheme

Ex-Bank of America employee is charged

A former personal banker with Bank of America’s Reading branch was indicted Monday on charges of running a Ponzi-like scheme, luring friends and family into investing millions into fake accounts by promising high returns and eventually stealing from elderly bank customers to pay the investors, according to Attorney General Martha Coakley.

The scheme, allegedly conducted over the course of 12 years, involved 31 people and some $6 million, and led to the indictment by a Middlesex County grand jury Monday, Coakley said. Elaina Patterson, 53, of Wilmington, was charged with 15 counts of larceny over $250 from a person over 60 years old and 16 counts of larceny over $250, according to Coakley’s office.

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