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Former New Canaan Bank Employee Admits Embezzling $106,000

West Haven City Councilor Stephen DeCrescenzo resigned Monday after pleading guilty to wire fraud while he worked at a New Canaan bank.
West Haven City Councilor Stephen DeCrescenzo resigned Monday after pleading guilty to wire fraud while he worked at a New Canaan bank. Photo Credit: File

NEW CANAAN, Conn. -- A member of the West Haven City Council resigned from his position after he pleaded guilty Monday and admitted embezzling $106,028 while he worked as a personal banker at a JPMorgan Chase branch in New Canaan.

Stephen DeCrescenzo, 37, faces up to 20 years in prison on one count of wire fraud for embezzling the funds during a three-year period, said Deirdre M. Daly, U.S. attorney for Connecticut.

He pleaded guilty in U.S. District Court in New Haven before Judge Janet Bond Atherton.

His sentencing date has been set for Feb. 17. He was released on $50,000 bond.

From September 2008 to November 2011, he took money from customer accounts and transferred the funds into a separate customer account that he had access to.

As part of his scheme, he disguised numerous withdrawals from the accounts as authorized cash withdrawals by customers when, in fact, he had stolen the money.

DeCrescenzo also wired funds stolen from a customer account into another bank account for his personal benefit.

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

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