San Diego, California - San Diego bank manager Mark Masiglat pleaded guilty in federal court, admitting that he secretly siphoned $36,000 from J.P. Morgan Chase’s general ledger through dozens of unauthorized cash withdrawals.
In entering his plea, Masiglat acknowledged that he embezzled the funds between January 2011 and August 2012 while employed as the Assistant Branch Manager at a J.P. Morgan Chase branch in Point Loma. The bank’s deposits are insured by the Federal Deposit Insurance Corporation.
“Corrupt bankers cannot be allowed to treat federally insured accounts as their own personal piggy bank,” said U.S. Attorney Laura Duffy. “My office will not tolerate abuse of the public’s trust in our financial institutions. I want to thank the FBI for its commitment to ensuring the integrity of our local banks.”
Masiglat is scheduled to be sentenced by Judge Battaglia on August 22, 2014 at 9:00 a.m.
San Diego, California
Summary of Charges
Embezzlement by a bank employee—Title 18, U.S.C., Section 656
Maximum penalty: 30 years’ imprisonment and $1 million fine
Federal Bureau of Investigation