News

Mount Vernon's $12 million ATM theft could involve other banks

February 28, 2010

Summarize with

TMCnet.com reports that Robert Egan's alleged theft of $12 million in cash from Webster Bank ATMsstarted unraveling in late January.

Egan's company, Mount Vernon Money Centers of Mount Vernon, N.Y., had been hired as a subcontractor to a firm hired by Webster to manage the restocking of its ATMs. Mount Vernon Money Centers restocked ATMs for 162 ATMs in Westchester County, N.Y., and had provided that service since at least 2003.

According to a complaint filed by federal prosecutors, Egan on Jan. 29 had a telephone conversation with an investigator in which he admitted to the fraudulent scheme.

The call was recorded and later reviewed by the FBI.

Egan's troubles may now be growing beyond Webster, according to reports on news Web sites.

A report in delawareonline.com said last week that WSFS Bank, based in Wilmington, Del., which owns Cash Connect, suspects that Egan's company may have $4.9 million of its money, also intended to restock ATMs in the New York area.

And police in Mamaroneck, N.Y. are investigating the disappearance of seven bags of coins — roughly $8,500 —- from the town's parking meters. Those coins are collected by the town but counted and deposited in a bank account by MVMC.

MVMC has worked for Mamaroneck for more than 20 years.

Included In This Story

Cash Connect

Innovating Cash Logistics | A WSFS Company

Cash Connect is the nation's premier and longest standing vault cash and logistics provider to the ATM industry and now allows you to generate growing new revenue streams with Smart Safes, Recyclers and Kiosks.

Request Info

Learn More