Former Craig woman indicted for federal bank fraud

— A former Craig woman was indicted in U.S. District Court in Denver last month after officials alleged she stole money from 18 different accounts at the Bank of Colorado in Craig, where she worked.

Patricia Cabano, 56, is charged with 31 felony counts of federal bank fraud. Each count carries a possible sentence of as many as 30 years in prison and as much as a $1 million fine.

She has pleaded not guilty to all charges.

According to the indictment filed May 6, authorities believe she embezzled money from various accounts from July 1998 to November 2002 while she worked first as head bookkeeper and then as operations officer for the bank.

The indictment states that by the time authorities discovered Cabano's actions, she and the scheme's other alleged beneficiaries had spent $567,000 in stolen funds, which was a loss to the bank.

Federal prosecutors listed 18 different victims, as well as 31 specific incidents of fraudulent bank account transfers that ranged from $1,000 to $94,000 each.

Dave Dempster, Bank of Colorado president, said he did not have a comment about the case at this time.

The federal indictment states Cabano used her "largely unsupervised access to customers' accounts" to make electronic transfers into accounts she owned, as well as the accounts of family members and "those of the customers she favored."

Among the beneficiaries of Cabano's suspected fraud are a local business and several Cabano family members, among others.

The victims of Cabano's actions, according to the indictment, included several large accounts in the area, such as the city of Craig, Moffat County Treasurer, Northwest Title, Craig Medical Center and Colorado Northwestern Community College.

The indictment states Cabano used many different strategies to disguise her actions, including refilling accounts she stole from before monthly statements were mailed out, blaming computer errors made at other branches outside Craig and forging false statements to mail to bank customers.

Authorities believe, according to the indictment, Cabano was able to escape discovery for so long in part because it was her job to personally handle customer inquiries and complaints.

Thus, no one else was in a position to check what she was doing.

The indictment does not say, however, what led officials to eventually discover her scheme or why it has taken almost seven years to file charges.

The court in her case has allowed Cabano to stay out of custody while she awaits trial, with the stipulation that she not apply for a passport.

She currently lives in West Sacramento, Calif., according to court records.

Her next appearance is set for July 24, and Cabano is scheduled to start an eight-day jury trial Aug. 3 in Denver.

Comments

Joanna Hatten 4 years, 10 months ago

Ok....I remember hearing about this years ago.....why was it not prosecuted at a local level? And why did it take seven years? Not to mention that anytime mentioned, Mr. Dempster would deny these allegations. Did he not think she would eventually be prosecuted somewhere? Shame on the Bank of Colorado for decieving its customers and not coming forward with the truth sooner. Did they not think thier customers deserved to know the truth?

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lonelyone 4 years, 10 months ago

Maybe because of an on going investigation, he couldn't say anything???

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Joanna Hatten 4 years, 10 months ago

for 7 years?!? theres some level of deceit there.

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lonelyone 4 years, 10 months ago

you could be right, but I think there was more to it then just her. The article said she was putting money into accounts of friends and family didn't it?? If so then all those people have to be investigated and I hope they are charged in some way too! I can not place this woman so I'm not defending her by any means, just saying what I think of the whole thing.

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Joanna Hatten 4 years, 10 months ago

it just looks like the bank was trying to sweep this all under the carpet

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Joanna Hatten 4 years, 10 months ago

So there are two women from steamboat who are now in prison for this exact same crime......why has is taken this woman seven years to even be prosecuted?!?! Something doesn't sound right here!!

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twix 4 years, 10 months ago

I think the difference here may be that the severity of the crime makes it a Federal case. That could explain most of the delay as well as why there will be no local action.

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Joanna Hatten 4 years, 10 months ago

That makes nooooo sense. The women in steamboat embezzled $1 million. The paper said Ms. Cabano embezzled $500,000. They embezzle more and they are prosecuted locally? Oh well......not my worries. I just hope that after seven she still is prosecuted fully.

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yepitscraig 4 years, 9 months ago

My sister worked at this bank and was accused of stealing by this woman. An accusation that was later cleared by a typo error. She was very condicinding and arrogant to other people she worked with. Ironic isn't it?!?! I know this woman and her family. The money she stole went to to support her daughters boyfriend who was in prison and also to her and her husbands very expensive lifestyle. All of them drove brand new vehicles. This bank did nothing because they were embarrassed that this type of thing had happened to them a few short years ealier by another individual. I am sure they wanted to keep this incident very quiet. I hope they string her up and she rots in prison. This woman will never be able to pay back the money she took so therefore a prison sentence is the only means to justify an end. I wonder if she stashed any of the cash so her family can now support her in prison? Just a thought.

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yepitscraig 4 years, 9 months ago

I'm sorry...maybe I shouldn't have aired that dirty laudry but this is ridiculous. She should already be in prison and I hope all of her coworkers are there when she gets sentenced. SHe needs to look them in the face. I for one am taking my sister to the court for some justice.

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Joanna Hatten 4 years, 9 months ago

Finally!!!! Someone who gets it!!!! Thank you yepitscraig!!! Don't know you but would love to be your friend!! And by the way....lets do a caravan over to Denver.

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lonelyone 4 years, 9 months ago

Oh I think we all get it. I for one wasn't ready to bash the bank for keeping this low key just because others said there was something going on that they were trying to hide. I think they had reason to keep pretty quiet about this, but then I guess some people didn't see it that way......and that's ok too. That's what makes some of these posts so interesting!

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yepitscraig 4 years, 9 months ago

I'm not bank bashing. I have no problem with this bank except for how my sister was treated....by this woman who has apparently walked free for 6-7 years. I do think they could have been more honest with their customers however. Just amazes me how some peoples laudry is kept very hush hush and others make the from page of the daily press instantly....strange. Once again....I'm just hoping justice is finally served in this case.

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