Bank Employee Falsely Obtains $240,000 in US Government Loans, Splurges on Personal and Other Unauthorized Expenses: Federal Reserve

A former bank insider is now banned from working in the banking industry after allegedly obtaining hundreds of thousands of dollars in fraudulent government loans.

In an Order of Prohibition, the Federal Reserve says Crystal D. Moore worked as a commercial banking assistant at Atlantic Union Bank in Richmond, Virginia, between March and October 2020.

The regulator accuses Moore of conspiring with an associate to get $240,000 in Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans using false documents and fraudulent information.

According to the Fed, the loan programs were established to assist businesses, families and individuals negatively impacted by the Covid-19 pandemic.

The Fed says Moore used the funds for personal and other unauthorized expenses, which violated the terms of the loan.

The Fed also says Moore and her associate personally gained from the loans.

“WHEREAS, Moore’s conduct was contrary to the Bank’s internal policies and constituted violations of law or regulation or breaches of fiduciary duty, and involved Moore’s personal Dishonesty…”

The regulator says Moore is now barred from working at or participating in the activities of any FDIC-insured institution. The Fed also highlights that the Order does not stop other government agencies from pursuing further legal action against Moore if deemed appropriate.

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