BOSTON (AP) — A former Bank of America executive and her husband from Rockland have pleaded guilty to embezzling more than $2.7 million from the bank through fraudulent charitable donations then using the money to fund a lavish lifestyle.

Federal prosecutors say 45-year-old Palestine “Pam” Ace, a former senior vice president of the Charlotte, North Carolina-based bank’s Global Wealth and Investment Management Division, pleaded guilty Thursday to multiple counts of bank fraud and wire fraud.

Her husband, 46-year-old Jonathan Ace, pleaded guilty to wire fraud and engaging in an unlawful monetary transaction.

Authorities say the couple transferred bank money to various nonprofit organizations, and then demanded the return of a portion of the money in order to ensure that Bank of America would continue to fund the organization.

Sentencing is scheduled for May.

(© Copyright 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)


Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s