Wells Fargo 401(k) Manager in Minnesota Accused of Stealing from Customers

July 3, 2006 (PLANSPONSOR.com) - A retirement fund manager's dealings with customer accounts allegedly cost his Minnesota bank $17,000.

According to the Web site for KSTP-TV Eyewitness News, Christopher Smith, a Wells Fargo 401(k) retirement fund manager, is accused of stealing between $2,400 and $3,100 from customer accounts.

Smith allegedly transferred money from these accounts into his personal account. He requested a name change on the account, as well as false Social Security numbers, and then requested the disbursement. The next day, Smith would correct the information.

Smith, who resigned in January when the bank discovered the discrepancies, could face up to 40 years in prison, according to the report.