In a stunning breach of trust, a former employee at a major US lender has admitted to stealing thousands of dollars from customers' accounts. Derrick Alan Smith, who worked as a branch banker at Truist Bank in North Carolina, violated laws and engaged in unsound practices, resulting in a total loss of $24,315.15 for four customers.

Between April 23rd, 2019, and October 7th, 2019, Smith repeatedly filled out blank checks to execute numerous cash withdrawals under customers' names without their knowledge or authorization. His actions led to financial losses for Truist Bank, which had to reimburse the affected customers. The Federal Deposit Insurance Corporation (FDIC) has ordered Smith to pay a $35,000 civil money penalty and $24,315 in restitution.

Smith's misconduct raises concerns about the safety and soundness of banking practices. His actions demonstrate a willful disregard for customers' trust and highlight the importance of robust internal controls and oversight. The incident serves as a reminder for financial institutions to prioritize ethical practices and protect customers' assets.

In addition to the FDIC's penalties, Smith faced criminal charges, pleading guilty to three counts of misdemeanor forgery. His employment at Truist Bank ended on October 8th, 2019.

This incident underscores the need for vigilance in the financial sector. As the cryptocurrency market continues to evolve, stakeholders must prioritize transparency, security, and ethical practices to build trust and ensure a sustainable future.