A former bank executive has admitted to embezzling over $4.2 million from his clients. William Shane Garrow, 49, pleaded guilty in federal court to charges of bank fraud and filing a false federal income tax return.
Garrow, who worked as a senior vice president and private banker at BOK Financial Securities, a subsidiary of Bank of Oklahoma Financial Corp., ran the fraud scheme for nearly 12 years before being fired in March. During this time, he misappropriated funds from wealthy clients, diverting large sums into his own accounts.
In addition to the bank fraud charges, Garrow also confessed to falsifying his federal income tax return to hide the stolen funds.
The U.S. Attorney’s Office in Tulsa filed the charges against Garrow on December 11. Prosecutors claim that Garrow exploited his position at the bank to access and steal significant amounts of money, leaving his clients unaware of the crime for over a decade.
Garrow now faces the consequences of his actions, with legal proceedings following his guilty plea.
