Former Vanguard Group Employee Pleads Guilty to Money Laundering

Former Vanguard Group Employee Pleads Guilty to Money Laundering

Scott Capps, a former Pennsylvania employee at the Vanguard Group, was sentenced to four years in prison for a $2.1 million fraud scheme.

Advisor Stole Millions of Funds from Dormant Accounts 

According to the Department of Justice, while working at the Vanguard Group, Capps stole millions of dollars from dormant accounts whose abandoned funds were intended to be turned over to the state. Between 2011 and 2014, Capps used stolen passwords to access the firm’s database where the account information was held and wrote checks from these dormant accounts to a co-conspirator. 

Capps Sentenced to 4 Years for Stolen Funds 

In March, Capps pled guilty to his role in the scheme and was charged with five counts of conspiracy to commit money laundering, mail fraud, and filing false tax returns. The judge sentenced Capps to an additional three years of supervised release. Capps also was ordered to pay $2.1 million in restitution and a forfeiture of $648,000.  

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Dimond Kaplan & Rothstein, P.A. has vast experience representing investors who have lost money as a result of stockbroker misconduct. We will aggressively pursue claims to recover your losses or damages.

If you are looking for an investment fraud attorney to review your rights and options, the investment fraud lawyers at Dimond Kaplan & Rothstein, P.A. represent individual and institutional investors who have lost money as a result of a fraud scheme or stockbroker misconduct. 

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