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Ex-Mass. banker gets up to 5 years for stealing

March 18, 2014

WOBURN, Mass. (AP) — A former personal banker has been sentenced to up to five years in prison and 10 years of probation for stealing more than $2 million from her clients that she used to fund a lavish lifestyle.

Elaina Patterson, of Wilmington, was sentenced Monday after pleading guilty to 31 larceny counts.

Prosecutors say the 54-year-old Patterson stole from 31 investors and customers at the Reading bank where she worked from 1999 until 2011. The scheme went undetected as the branch shifted from a BankBoston, to a Fleet Bank, to a Bank of America. Bank of America alerted law enforcement in November 2011.

Prosecutors say she used the money for luxury cars, vacations, home improvements, and college and private school tuition for her children.

Patterson’s lawyer says she cooperated with authorities.

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