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changed that practice in 1987 when he began transacting business
at the Read Branch of First Federal, primarily with two tellers,
Marilyn Clark and Ann Hattier, who both knew him as a customer
and as a member of the bank's board of directors. Petitioner
usually visited the Read Branch three or four times each week.
On each occasion he would bring in a group of third party checks
made payable to him. He would tell either Ms. Clark or Ms.
Hattier that he wanted to exchange the checks for a First Federal
bank check, but he did not want them or cash deposited to his
checking account. A First Federal bank check was one that was
drawn on the bank's own account.
To exchange the third party checks for bank checks, the
teller would add the amounts of the checks, determine a total,
and deposit them to the First Federal suspense account, not to
petitioner's checking account. She would then issue a First
Federal bank check in the same amount as the total of the third
party checks. This procedure was followed each time the teller
issued a First Federal bank check to petitioner. By exchanging
the third party checks for bank checks in this manner, the total
amount of the third party checks or the bank check would not be
reflected in petitioner's bank account or in his bank statement.
Of all the First Federal bank checks the tellers issued to
petitioner, only one was ever brought back to the teller for
deposit to his checking account or to be cashed.
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Last modified: May 25, 2011