Former Wells Fargo Bank employee pleads guilty to defrauding customer

A San Francisco man has pleaded guilty to defrauding a Wells Fargo Bank customer out of funds in a scheme...

A San Francisco man has pleaded guilty to defrauding a Wells Fargo Bank customer out of funds in a scheme to illegally make loans.

Raminder Singh Rekhi, 41, pleaded guilty one count of theft, embezzlement or misappropriation of bank funds, according to the United States Attorney’s Office.

Rekhi was a longtime employee of Wells Fargo Bank and used his position to convince a customer to purchase a fake certificate of deposit.

Rekhi acknowledged there was no certificate of deposit, and he instead diverted the customer’s money into other accounts he controlled. Once he had the funds, he loaned the money out to three other individuals.

Rekhi faces a maximum sentence of 30 years in prison, five years of supervised release and a fine of $1,000,000 plus restitution.

Using conservatorships to deal with gritty urban issues

“Half the state thinks we conserve too many people, and the other half thinks we don’t conserve enough.”

How Chinatown’s last photo shops have avoided becoming a relic of the past

“We have the best Chinatown in the whole United States, really, but now I see it suffering more and more.”

Warriors blow out Mavericks. What did you expect?

Golden State holds home court as Dallas, Dončić come out flat