Former AVP at Deutsche charged over fraud

LOSSES & LAWSUITS

John Quinn, who worked in one of the bank's New Jersey offices, is accused of stealing more than $13 million from the firm.

According to US attorney Michael Garcia, Quinn set up a company called Quorum Investments to which he wire-transferred in excess of $13.4 million between June 2004 and September 2006. Garcia noted that this happened on 53 separate occasions.

Quinn, who had worked for the bank for 21 years, is alleged to have used the money to fund an extravagant lifestyle including buying BMW cars and expensive jewellery.

The scale of the fraud only came to light after Quinn's own personal retirement in early October this year. If found guilty, Quinn may face up to 30 years in prison.

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