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Employee Who Embezzled $100K From New Canaan Bank Sent To Halfway House

Stephen DeCrescenzo
Stephen DeCrescenzo Photo Credit: File

NEW CANAAN, Conn. -- A 37-year-old man who embezzled more than $100,000 from the New Canaan bank where he worked was sentenced Tuesday to a day in federal prison and six months in a halfway house.

Stephen DeCrescenzo, a former member of the West Haven City Council, was sentenced by U.S. District Judge Janet Bond Arterton in New Haven to one day of imprisonment, time already served, six months in community confinement and three years of supervised release, said Deirdre M. Daly, U.S. attorney for Connecticut.

According to court documents and statements made in court, DeCrescenzo was employed as a personal banker for JPMorgan Chase Bank in New Canaan.

From September 2008 to November 2011, he embezzled $106,028 from customer accounts by transferring the funds into a separate customer account to which he had access.

As part of his scheme, DeCrescenzo disguised numerous withdrawals from the accounts as authorized cash withdrawals by customers when, in fact, he had stolen the money. He also wired funds stolen from a customer account into another bank account for his personal benefit.

DeCrescenzo was also ordered to pay full restitution to the bank.

On Nov. 24, DeCrescenzo pleaded guilty to one count of wire fraud.

This investigation was conducted by the Connecticut Financial Crimes Task Force, the Greenwich Police Department and the New Canaan Police Department.  The case was prosecuted by Assistant U.S. Attorney Douglas P. Morabito.

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