NEW SMYRNA BEACH, Fla.,None — A popular Central Florida bank is at the center of a major investigation over the actions of one employee.
Investigators learned Thursday that a man has been stealing thousands from SunTrust customers over several years.
WFTV's Mary Nguyen has exclusive details on how he was caught.
Three elderly women placed their life savings in the hands of former SunTrust financial adviser Kenneth Mauchin. They worked with him for years at one of the New Smyrna Beach branches.
Investigators said Mauchin used those relationships to steal close to $50,000 from the three of them.
The daughter of one victim, who did not want to be named or identified, said her 83-year-old mother was battling cancer and had turned to Mauchin for help.
"She trusted him because he was handling these personal issues, to dip into her savings into home improvements and health care issues," she said. "Sleazy, it's just sleazy. Its just one step above the child molesters, as far as I was concerned."
The Department of Financial Services said that he stole $36,000 from her.
Agents said that over an 18-month time period, Mauchin issued official SunTrust checks, made them payable to a company he owned, and sent them to his home.
An insurance company noticed funds were missing from the three women's accounts.
The state said that while two other women were dealing with the loss of their husbands, Mauchin told them "not to worry" and also took their money.
WFTV went to Mauchin's home in Sanford, but he wasn't home.
The state said Mauchin is not allowed to sell insurance pending the outcome of the case. If he's convicted, he will lose his license. In the meantime, he's working as a truck driver.
Mauchin's attorney said his client filed a not guilty plea. He's now out on bond.
SunTrust released the following statement about the investigation:
"While we will decline to comment on the specifics of a law enforcement matter, we will offer that this was an isolated incident involving a former employee and a small number of clients who have been reimbursed."
WFTV
