Ex-banker charged with spending funds at strip clubs
A former TD Bank executive in Maine has been charged with spending almost $220,000 of the bank’s funds after he appeared in federal court on Thursday.
The Portland Press Herald reported Jeffrey Burnham, 41, of Arundel, was allowed to walk free by a U.S. District Court judge in Portland on a $5,000 unsecured bond, in exchange for agreeing to surrender his passport, submit a DNA sample and fall under supervision by the federal Probation and Pretrial Services Office.
Burnham’s charge, theft by a bank office, can be punishable for up 30 years in federal prison, with a $1 million fine. The federal judge said Burnham could face another 10 years and up to an additional $250,000 in fines if he failed to appear to face the charge.
Burnham, who served as vice president and regional mortgage sales manager at the Falmouth TD Bank office, was charged for using the bank’s corporate credit card 72 times from Feb. 18, 2011 to Feb. 16, 2012, at strip clubs in Maine, Massachusetts, New York and Florida. Details of the exact expenses, which amounted to $220,000, were not disclosed in court records.
The ex-banker’s spending patterns were discovered after he left TD Bank, when an employee found “suspicious” charges in his corporate credit card statement. The Federal Bureau of Investigation then opened an investigation, discovering more charges.
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