Ohio Bank Says Ex-Employee Stole $2.7M In Tax Project Fees

Law360, New York (November 01, 2013, 3:16 PM ET) -- A former Huntington National Bank employee who managed the bank's investment program for low-income housing tax credit development projects scammed $2.7 million from the program by diverting development advisory fees to an outside account, says a lawsuit filed Thursday in Ohio federal court.

Ohio-based Huntington says the scheme ran for at least four years, but the bank says it didn't discover the missing money until it recently reviewed documents for a project that didn't require a development fee and discovered that a fee had nonetheless been...
To view the full article, register now.