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Ex-Webster Bank Manager Indicted For Embezzling $850K

U.S. District Court in New Haven.
U.S. District Court in New Haven. Photo Credit: Google Maps

A former Webster Bank manager in Connecticut is facing decades in prison after allegedly embezzling nearly a million dollars from his employer.

Stephen Carbonella, 59, was charged in court in New Haven this week on a charge of embezzlement by a bank officer or employee after allegedly withdrawing more than $850,000 from account holders’ certificate of deposit accounts.

According to the indictment, between 2003 and 2017, Carbonella withdrew the funds without the consent of the account holders, and embezzled the money for his own purposes. He also took steps to conceal his deceit by forging signatures and falsifying documents.

John Durham, the United States Attorney for the District of Connecticut, announced the arrest on Tuesday morning. Carbonella pleaded not guilty to the charge and has been released on $200,000 bond. Carbonella is due back in court later this year, when he will face up to 30 years in prison.

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