Customer Savings Often Disappears, Apparently Drained By Bank Officials For 11 Years

Bank officials drained customer funds for 11 years. (Photo; Doc. Inews)

JAKARTA - The case of alleged embezzlement of customer funds has again tarnished the banking world. This time, William Shane Garrow, a former senior executive at BOK Financial Securities, a financial services company based in Oklahoma, United States, was accused of embezzling more than 4.27 million US dollars (approximately IDR 69.3 billion).

Garrow, who previously served as senior vice president and private bank, has reportedly taken this action for more than a decade, starting from September 2012 to April 2024.

According to a report from FOX23, Garrow allegedly withdrew funds from at least 16 customer accounts without their permission and transferred the money to his personal account at another bank. In addition, Garrow is also accused of writing a fake cashier check from a client's account addressed to himself.

When a number of customers began to notice irregularities in their accounts, Garrow reportedly claimed that it was just a system error that would soon be corrected by the Financial BOK.

Launching Daily Hodl, Tuesday, December 24, the BOK Financial Securities company revealed that Garrow had been sacked earlier this year after the company's policy breach was revealed.

In its official statement, the company stated that it had carried out a thorough internal investigation and was fully cooperating with the authorities to complete the investigation.

Financial BOK also confirmed that the impact on customers had been identified and resolved immediately after the case was discovered. This case not only surprised many but also added to the long list of similar scandals that have occurred in the banking world.

According to data from the Association of Certified Fraud Examiners (ACFE), the banking and financial services industry has a high vulnerability to embezzlement practices, with an average loss of up to 200,000 US dollars (approximately IDR 3.24 billion) per incident. This shows the importance of strong internal supervision and optimal customer protection.

As the parent company, BOK Financial Corporation has banking operations spread across eight states in the US. They provide various financial services, including portfolio management and investment banking services.

Cases like this emphasize the need for customers to remain vigilant and routinely check their account transactions to prevent similar abuse.