NYPD’s finest? Rips Off $50 Million From Banks

According to the Article

A retired NYPD Sergeant who went into the money transfer industry pleaded guilty yesterday to multiple counts of bank and wire fraud. Robert Egan, 65, of Bedford, admitted to stealing $50 million from various banks who used his company, Mt. Vernon Money Centers, to stock ATM’s with cash. Egan was caught on tape admitting to taking $12 million from Webster Bank alone, in order to fund other aspects of his failing business. In addition to stocking thousands of ATM’s, the company was used by universities and hospitals to help cash paychecks. He faces up to 15 years for the money fraud, and appeared as contrite as Frank Sobotka when he faced a similar situation: “I knew this was wrong. I justified it because I always thought I could make up the difference.

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