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Fed bars ex-Synovus executive over alleged embezzlement

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American Banker
By Jon Prior

A former mortgage servicing executive at Synovus Financial has been barred from the banking industry for allegedly embezzling funds.

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Angela Garcia allegedly deposited more than $69,000 from the Columbus, Georgia, companys general ledger account into accounts for her relatives, according to a prohibition order issued Thursday by the Federal Reserve.

Garcia, who had been senior vice president and residential loan servicing director at Synovus, made fraudulent entries in the banks records in an effort to hide the transfers, which took place between 2020 and 2021, according to the Fed.

More than $69,000 was allegedly embezzled from the general ledger account at Synovus Financial under a scheme outlined Thursday by the Federal Reserve.

Garcia agreed to pay back the embezzled funds, the order stated. She did not admit or deny any of the alleged wrongdoing.

Its unclear if criminal charges have been filed against Garcia, who was fired from the $56 billion-asset company in June 2021 and no longer works in the industry. A Synovus spokesperson did not immediately reply to a request for comment.

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