Saturday, March 8, 2014
A former employee of Rockland Savings Bank who used her position to misappropriate more than $500,000 in loans was sentenced Wednesday in federal court in Portland to serve 33 months in prison and to repay the money.
Shauna Quinn, 45, of Rockland, misappropriated $538,795 from July 2008 to June 2011 through advances on loans and lines of credit that were not authorized by the bank, according to a criminal complaint against her by FBI Agent Cameron Mizell.
Quinn was confronted by bank employees on June 24, 2011, and admitted using her employee privileges to make unauthorized loans to family members and increase available balances on home equity lines of credit, according to the criminal complaint.
She pleaded guilty on Aug. 20 before Judge George Singal to a single count of bank fraud.
The judge also sentenced Quinn on Wednesday to serve three years of supervised release after completing her prison term and to repay the full $538,795 as restitution.
Quinn worked for Rockland Saving Bank from 2000 until June 2011. In May 2007, she became the bank’s collections manager. None of the misappropriated loans and credit lines were authorized by the bank or agreed to by the borrowers, Quinn’s family members.
Of the total amount, more than $295,000 was transferred to accounts she controlled and the funds were spent by her, according to the U.S. Attorney’s Office.
Quinn concealed her fraud by using loan advances to make payments on other fraudulent loans in order to keep them current, the U.S. Attorney’s Office said.
Scott Dolan can be reached at 791-6304 or at: