Police: IBC robbery would cover embezzlement

IBC Bank is based in the city of Laredo Texas, since, the CEO, Dennis E. Nixon and corporate headquarters is there.

Well, it made me look into what kinds of stuff involving the IBC bank in that part of Texas is going on, and low and behold, look what I found.

Police: IBC robbery would cover embezzlement
From the Laredo Morning Times, reported at Zwire.com
http://www.zwire.com/site/news.cfm?newsid=18890963&BRD=2290&PAG=461&dept_id=569392&rfi=6
Police: IBC robbery would cover embezzlement
By ZACHARY FRANZ, LAREDO MORNING TIMES
10/06/2007

A botched bank robbery earlier this week may have been an effort to cover up one robber's embezzling scheme, said Jose E. Baeza, a spokesman for the Laredo Police Department.Carlos Moreno, a 24-year-old International Bank of Commerce teller supervisor, was charged Thursday with felony theft after a bank audit revealed that money for which he was responsible was missing. Moreno was already in jail on charges that he and two other men broke into the IBC branch where Moreno worked and stole more than $200,000.

Another teller, Jose Cabrera, was also charged with felony theft on Thursday, Baeza said. Cabrera was not involved in the robbery, but the subsequent audit also revealed shortages in money Cabrera managed, Baeza said. Cabrera was arrested Thursday afternoon after turning himself in to Laredo police.

Police believe the two men embezzled more than $50,000 each from the bank, Baeza said.
Both men were taking cash from the bank over an extended period of time, then would alter figures to make it appear that accounts were balanced, Baeza said.

But Moreno was scheduled to go on leave, at which point bank officials routinely do a hard count of currency managed by the employee before that money is transferred to another employee's supervision. Police believe that Moreno knew the count would reveal shortages, and planned the burglary in part to hide the fact he had been taking money.

"He knew he was going to get discovered, so it was do or die," Baeza said. "It was a win-win situation for him. He was going to get more money, and cover up his other crime."

Police believe Moreno and two other men entered the IBC branch on the 2400 block of San Isidro Parkway Sunday night using security access codes provided by Moreno. The men then used black spray paint to cover security cameras, and filled bags with money from the vault, police said.

Moreno, who resides in the 3200 block of Frost Street, was arrested for the burglary on Tuesday at 3 a.m. Also arrested were Arnulfo Lares Jr., 25, who resides in the 1500 block of Madison Street, and Jesus Dominguez, 25, who resides in the 4100 block of Eagle Pass Avenue.
Following the burglary, bank officials conducted a thorough audit of bank property, which led to the discovery of the cash shortages, Baeza said.
"(The alleged embezzlement) was a stupid crime because eventually you're going to be caught," Baeza said.

"If you take $50, maybe you can replace that later when you get paid, but you're not going to replace $50,000."

Cabrera was taken to Webb County Jail and held on $30,000 bond. An additional $50,000 bond was placed on Moreno. He also has a bond totaling $200,000 for the burglary-related charges.
The theft charges are third-degree felonies, punishable by up to 10 years in prison and a fine of up to $10,000. "

Keywords for this post :
embezzlement, bank employee, ibc bank, theft, thousands of dollars, laredo, dennis e. nixon is the ceo of ibc