A multi-billion dollar mortgage worker is expected to be banned from the bank after defrauding his employer.
In a new enforcement action, the Federal Reserve he says issues an injunction against Mollie Morrow for allegedly embezzling money while working as a sales representative at a United Bank branch in Washington, North Carolina.
between October 2021 and August 2023, Morrow defrauded the bank of $33,136 by misappropriating funds while the Bank had their cash registers back…”
According to the Federal Reserve, Morrow pleaded guilty to fraud charges and was ordered to return all money to United Bank. Morrow’s employment at United Bank was terminated in August 2023.
“…Morrow’s conduct was a breach of law or regulation, a breach of fiduciary duty, and an unsafe banking practice, and Morrow’s dishonesty demonstrated his willful or persistent disregard for the safety and health of the Bank…”
The Federal Reserve later prohibited Morrow from “participating in any manner whatsoever in the affairs of any corporation or entity” that is supposed to be a federally insured bank, foreign bank or their affiliates. Morrow has agreed to all terms of the restraining order.
By December 31, 2025, United Bank he was 63rd largest bank in the US with $33.55 billion in assets.
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