A 28-year-old Saugus man found himself in deep trouble with federal authorities after allegations of bank embezzlement surfaced. Derek Aut, a former teller at TD Bank, was slapped with a criminal charge for purportedly siphoning more than $180,000 from customer accounts. Yesterday, Aut appeared before a judge in a Boston federal courtroom, eventually walking out on conditions pending further proceedings.
It appears Aut was engaged in more than routine banking transactions. Charging documents allege that he managed to illicitly withdraw funds from the accounts of two customers at the bank he once served. But his scheme began to unravel when one customer took note of the disappearing act her money seemed to be playing. Aut's solution was to rob Peter to pay Paul—or rather, to take money from a second victim's account to cover up the missing funds from the first. This game of financial musical chairs was short-lived, and in the end, the total allegedly misappropriated topped $180,000.
One might try to openly speculate on what drove Aut to such lengths, or question the systems in place that could allow such an abuse of trust. But the U.S. legal system, bound by doctrine and precedent, is not built on speculation. If convicted of the embezzlement charge, Aut could face up to three decades behind bars, a supervised release stretch of five years, and be punched with a $1 million fine—a sum significantly surpassing what he's accused of taking.
United States Attorney Joshua S. Levy, alongside Michael J. Krol, the Special Agent in Charge of Homeland Security Investigations in New England, brought Aut's case to the public's attention. Assistant U.S. Attorney Kristen A. Kearney of the Securities, Financial & Cyber Fraud Unit is the prosecutor at the helm. However, despite the serious nature of these allegations, it is a fundamental precept of justice that Derek Aut must be considered innocent until such a time—if ever—that the government manages to convincingly and indisputably prove his guilt.
For more information on the case, refer to the original press release from the U.S. Attorney's Office of Massachusetts detailing the charges against Aut.
