Industry News

Bank officer allegedly stole $14M from mortgage unit

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A retired junior officer of Harris Trust and Savings Bank in Chicago has been arrested and charged with embezzling $14 million from the bank's mortgage servicing unit. Jacques Antoine, 58, is accused of taking the money during a six-year period, and using it to purchase eight properties in Chicago and a home in Weston, Fla., where he was arrested this month. An assistant vice president earning $48,500 when he retired two years ago, Antoine's duties included processing personal and mortgage loans to employees. He allegedly used his position to receive hundreds of checks, some of which were made payable to credit card companies, auto dealerships and a boat dealership, the Chicago Tribune reported. A bank spokeswoman said the thefts were discovered during an internal audit, and that no customers are affected. If convicted, Antoine faces up to 30 years in prison....