Latest news with #FirstNationalBank
The Herald
12 hours ago
- The Herald
Gqeberha bank employee jailed for cyber fraud
A 35-year-old woman has been sentenced to five years' imprisonment for her role in what was described as a meticulously orchestrated fraud scheme involving the unlawful access and manipulation of a customer's banking profile. The Gqeberha regional court had found Lusanda Gloria Qose, 35, a former sales and service consultant at First National Bank at Pier 14, guilty of fraud, cyber fraud and the unlawful use of a customer's credentials following her abuse of internal banking systems between January 22 and April 24 2024. The complainant, Mlungwana Maranti, 68, held an Encore account linked to a Money Maximiser account and a registered cellphone number used for authorising transactions via FNB's inContact system. Qose unlawfully changed his cellphone number on the bank's system using her employee credentials, diverting all one-time-pin authorisations to herself without the complainant's knowledge or consent. She further created a second bank card linked to the complainant's accounts, which she used to transfer funds from the Money Maximiser account to the Encore account and conducted multiple ATM withdrawals over three months. These fraudulent transactions resulted in a total loss of R245,000. The bank ultimately refunded the complainant and absorbed the financial loss. Qose used her employee number to access FNB's core operating system, which contains confidential customer and transactional information. She bypassed internal security protocols such as two-factor authentication and online fingerprint verification, and manipulated digital records to create the false impression that Maranti had authorised the transactions. The court found that Qose's actions were premeditated and sophisticated, involving multiple system breaches over an extended period. She pleaded guilty to all charges, citing financial distress as her motive. During sentencing proceedings, she and her aunt testified in mitigation, stating that she was a single mother of two children, aged 13 and 17. She has since repaid R87,000 through a deduction from her pension fund and expressed remorse for her actions. In a victim impact statement facilitated by court preparation officer Eric Blouw, Maranti detailed the emotional toll the crime had taken on him, detailing the trauma of watching his retirement savings vanish. He also revealed that he had even contemplated taking his own life. The court heard that Qose was fully aware that the funds she stole were earmarked to grow the complainant's retirement nest egg. Specialised Commercial Crimes Unit prosecutor Edmyrach Matabata argued that, despite Qose being a first-time offender, her gross abuse of trust and exploitation of a vulnerable senior citizen warranted a custodial sentence. The court concurred, emphasising that though the accused demonstrated remorse and potential for rehabilitation, the offence not only harmed the victim but also eroded public trust in the financial system. Welcoming the sentence, Eastern Cape director of public prosecutions advocate Barry Madolo said: 'This sentence underscores the National Prosecuting Authority's commitment to protecting the integrity of the financial sector and the rights of the vulnerable. 'Insider fraud is a growing threat, and we will continue to prioritise the prosecution of those who abuse their positions of trust to commit financial crimes. 'The NPA remains steadfast in its efforts to ensure accountability for those who exploit access to sensitive information and to deliver justice for victims of complex financial and cybercrime.' The Herald
IOL News
16 hours ago
- IOL News
Former FNB consultant jailed for stealing R245,000 from elderly client's account
For four months, Lusanda Qose manipulated and stole from an elderly client. She has been convicted of fraud, cyber fraud, and the unlawful use of access credentials Image: File :Independent Newspapers The Gqeberha Regional Court has handed down a five-year prison sentence to Lusanda Gloria Qose, a former sales and service consultant at First National Bank (FNB), for her involvement in a sophisticated fraud scheme that exploited a vulnerable senior citizen's banking profile. The court's ruling comes in the aftermath of Qose's conviction for fraud, cyber fraud, and the unlawful use of access credentials, a crime which threatened the integrity of the financial sector and allowed her to siphon off a staggering R245,000 over a period of three months. Qose, 35, abused her position at the Pier 14 branch, unlawfully accessing internal bank systems between January 22 and April 24, 2024. With her employee credentials, she manipulated account details belonging to 68-year-old complainant Mlungwana Maranti, changing his registered cellphone number to divert his One-Time-Pin (OTP) authorisations to herself without his knowledge. She was able to create a second bank card linked to Maranti's accounts, subsequently executing unauthorised fund transfers from his Money Maximiser account to his Encore account and conducting multiple ATM withdrawals. Despite the considerable losses borne by Maranti, the bank ultimately refunded him, absorbing the financial damage incurred due to Qose's fraudulent operations. The perpetrator managed to bypass rigorous internal security protocols, including two-factor authentication and online fingerprint verification, exacerbating the breach of trust. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The court noted that Qose's actions were premeditated and methodical, marking a significant violation of the trust placed in banking professionals. During the sentencing, Qose, who is a single mother of two minor children aged 13 and 17, expressed remorse for her actions and cited financial distress as her motive for committing the crime. She testified in mitigation alongside her aunt, revealing that she has already repaid R87,000 through deductions from her pension fund, showing an attempt to rectify her wrongdoing. In a poignant victim impact statement, Maranti described the severe emotional toll the fraud had on him, disclosing the trauma of witnessing his hard-earned retirement savings evaporate before his eyes. He candidly shared that the stress led him to contemplate suicide, underscoring the profound psychological harm inflicted by Qose's actions. Prosecutor Edmyrach Matabata from the Specialised Commercial Crimes Unit argued convincingly that Qose's significant breach of trust, especially against a vulnerable senior citizen, warranted a custodial sentence. The court acknowledged her remorse and potential for rehabilitation but stressed that her actions not only adversely affected Maranti but also diminished public confidence in the financial institution she represented. Following the court's ruling, Advocate Barry Madolo, Eastern Cape Director of Public Prosecutions, welcomed the decision. He stated, 'This sentence underscores the NPA's commitment to protecting the integrity of the financial sector and the rights of vulnerable victims. Insider fraud is a growing threat, and we will continue to prioritise the prosecution of those who abuse their positions of trust to commit financial crimes. The National Prosecuting Authority remains steadfast in its efforts to ensure accountability for those who exploit access to sensitive information and to deliver justice for victims of complex financial and cybercrime.' IOL
CBS News
6 days ago
- CBS News
Woman arrested at Westmoreland County bank in fraudulent check scheme
A woman was arrested at the First National Bank in Murrysville for allegedly trying to steal money out of people's accounts, and police said she's been running a similar scheme across three states for some time. Sixty-three-year-old Jennifer Folzenlogen of Cincinnati, Ohio, is now facing charges of forgery, theft and identity theft after police were called to the First National Bank along the William Penn Highway on July 8. "A teller at First National Bank actually recognized Ms. Folzenlogen from previous bank surveillance photos and video," said detective Matthew Panigal of the Murrysville Police Department. "She had actually victimized the same bank back in April with the same teller working at the bank at that time." Police said the fraud worked like this: Folzenlogen would get ahold of someone's bank information, have a fake ID printed as that person and then go to the bank claiming to be that person and withdraw money from their accounts. Pennsylvania State Police began looking for Folzenlogen after she hit several First National Banks in Greensburg and Hempfield Township in the spring, and police now believe that she is responsible for stealing over $26,000 from personal accounts, just at First National Bank branches alone. But that's not all. "She is believed to be part of a larger theft ring throughout the Northeast that goes back to New York," Panigal said. Not only is she allegedly part of a larger out-of-state crime ring, but Folzenlogen is suspected of similar criminal activity in Ohio and has multiple active felony arrest warrants out against her from the state of Indiana. "Incidents like this, it is tough to protect yourself because they can steal the mail, they can steal your identity through public records sources," Panigal said. "So just keep an eye on your bank account, keep an eye on your credit." Folzenlogen is currently being held here at the Westmoreland County Prison. Her bail is now set for $150,000.
Yahoo
12-07-2025
- Business
- Yahoo
Beltrami County welcomes insurance experts to hear storm recovery advice
Jul. 11—BEMIDJI — Minnesota Department of Commerce experts will be in Bemidji to meet the public and to discuss insurance claims related to the storm that struck the area on June 21. The experts will be located at the First National Bank, located at 318 5th Street NW in Bemidji. They will enter town on July 16 and leave on July 18. They will be available to meet with the public between 9 a.m. and 5 p.m. on July 16 and 17. Then, the experts will be available from 9 a.m. to noon on July 18. Topics the experts can advise upon include: How to make a claim, how to document damage, what to expect, common coverage issues, how to deal with communication issues with your provider, filing a complaint and more.
Yahoo
02-07-2025
- Business
- Yahoo
Louisiana bank to enter Dallas with its second Texas deal
Six years after entering Texas, Louisiana-based Investar Holding Corp. is going much bigger in the Lone Star State with a deal for the $1.6 billion-asset Wichita Falls Bancshares. Acquiring Wichita Falls, the holding company for the 36-year-old First National Bank, would add $1.2 billion of Texas-based deposits, including $364 million in the rapidly growing Dallas-Forth Worth Metroplex, where First National operates five branches. It would also significantly alter Investar's funding profile by raising the level of Texas-based deposits, currently at 6%, to 37% for the pro forma company. In a press release, Investar CEO John D'Angelo described the merger, which is expected to close in the fourth quarter, as "a pivotal moment in the history of Investar Bank and a defining milestone for our company." To help fund the purchase, Baton Rouge-based Investar announced the completion of a private placement of $32.5 million in preferred stock on Tuesday. The company said it would use the stock-sale proceeds to support the acquisition and for general corporate purposes, "including organic growth and other potential acquisitions." An Investar spokesperson did not immediately respond to a request for comment on the company's level of interest in pursuing more M&A deals. Investar agreed to pay about $84 million in cash and stock for Wichita Falls, which is based in the North Texas city of the same name. Investors appear to favor the transaction. Shares in Investar were trading up nearly 6% midday Wednesday at $21.56 per share. Investar entered Texas in 2019 by acquiring the $125 million-asset Mainland Bank in Texas City. Following the completion of the deal announced Tuesday, the combined company would start with $4 billion of assets, $3.3 billion of loans and $3.5 billion of deposits. Investar is projecting 2026 earnings of $3.08 per share, reflecting 35% accretion. Investar reported earnings per share of $2.06 in 2024 and $1.69 in 2023. "We believe this merger creates more long-term value for our customers, communities and shareholders," Wichita Falls President David Flack said in the press release. "It will allow us to bring new products and services to our customers while keeping the same banking locations and trusted local bankers." The sale to Investar "provides a great opportunity to enhance strategic synergies through combined resources," Stan Pinkham, the president and CEO of First National Bank, said in the release. Founded by D'Angelo in 2006, the $2.7 billion-asset Investar has frequently employed M&A to fuel its growth. Investar acquired the $249 million-asset Citizens Bancshares in Ville Platte, Louisiana, for $46 million in July 2017. Five months later, in December 2017, the company was able to bulk up in its core Baton Rouge market, completing a $22 million deal for the $131 million-asset BOJ Bancshares. In recent years, Investar has pursued a multistate expansion strategy. It bought Cheha Financial Group in Oxford, Alabama, for $41 million in April contrast with Investar, which is a significant commercial and small business lender, Wichita Falls has focused on mortgage lending. In addition to its seven branches, it operates two mortgage offices. As of March 31, one-to-four-family mortgages made up just under half of its $1.1 billion loan portfolio. Investar said it plans to sell $200 million of mortgages to reduce the pro forma company's residential loan concentration and pay down corporate debt and noncore deposits. The announcement that Investar expects the deal to close in about five months is in keeping with a growing trend of more timely M&A decisions by regulators. In a research note Monday, Seaport Research Partners Senior Analyst Laurie Havener Hunsicker noted that 10 of the 21 bank deals announced in January and February 2025 have already closed.
