News

Former Loomis employees on trial for embezzling $12M from BofA

April 19, 2004

OAKLAND, Calif. - The trial of a couple accused of embezzling nearly $12 million from Bank of America started on April 19 in a federal court.

According to an Associated Press report, Bryan Rosenquist and his wife Michelle Serrao, both former employees of Loomis, Fargo and Co., are accused of taking the money from ATM cash.

Federal agents arrested the Vacaville couple in September 2001 after an investigation uncovered $11.8 million in their bank accounts. The alleged scheme began in January 2000, according to the Federal Bureau of Investigation.

Rosenquist and Serrao face charges of conspiracy to embezzle bank funds, bank fraud and income tax evasion. They have pleaded innocent and are free on $3 million bail.

They both counted customer deposits and reconciled that cash to accounts for Loomis, which retrieved and distributed cash from Bank of America ATMs in the San Francisco Bay area.

A bank loss prevention manager discovered a cash shortage a few weeks after the couple left Loomis in 2001, according to the AP. The shortage prompted an audit which revealed the missing millions.