N.Y. bank manager admits to $1M theft

NEW YORK, Aug. 7 (UPI) -- William Brahe Jr. has admitted to stealing more than $1 million from accounts while serving as a manager of a bank in Carle Place, N.Y., officials say.

Nassau County District Attorney Kathleen Rice said the 43-year-old pleaded guilty to charges he stole the funds from accounts at the JP Morgan Chase Bank and has offered to replace the funds as part of his plea, Newsday reported.

Prosecutors accused Brahe of conducting hundreds of illegal account transfers between 2001 and late 2007, placing a total of $1,078,400 into a business account he opened.

He allegedly covered the thefts up by creating additional fraudulent transfers and spent most of the stolen funds, prosecutors alleged.

"Mr. Brahe betrayed the trust of his employer and the trust of his customers when he abused his position to fatten his own wallet," Rice said.

Brahe Was ordered to make restitution and could be sentenced to 25 years in prison when he is sentenced Oct. 2, the newspaper said.

Newsday said the bank has assured its customers that they won't lose money due to the crimes, which were discovered after a customer reported more than $132,000 was gone from his account.