Former Scotiabank worker nabbed in police probe

Royal Cayman Islands Police Service officers confirmed the arrest of a former Scotiabank employee on suspicion of theft late last month.

The woman, 45, was arrested on 29 April and was released on police bail until late May. She was arrested upon returning to Grand Cayman.

The RCIPS Financial Crime Unit has been looking into a potential criminal case involving a former employee at the local bank since last year.

The woman, described by Scotiabank as a former loan officer, has not been charged with any offences. However, the employee was let go from Scotiabank, as of the week of 17 to 21 September, 2012, according to company officials.

According to a statement released by Scotiabank in early October, the bank is investigating the actions of a former employee regarding some “commitment fees”.

Commitment fees are fees attached to a mortgage, usually around 1 per cent of the value of the home or property purchase price.

“We are taking this situation very seriously and our preliminary assessment indicates that no Scotiabank mortgages were affected by this incident,” a statement from the company read. “We have notified the police and are working cooperatively with them during their investigation. We hold employees to extremely high standards and do not tolerate any actions that do not meet those standards – at the hint of wrongdoing we take swift and decisive action.”

The police service confirmed authorities were investigating “suspected criminal activity” with regard to the matter.


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