Regions Bank loses $31,550 to PAC fraud

money dollars

Regions Bank was the victim of a fraud that took $31,550 from a political action committee account, according to an report.  The account is funded by contributions from Regions employees. The fraud was committed in November, and so far no arrests have been made. 

Jeremy D. King, a spokesman for Regions Bank, stated, We believe the fraud was committed externally after a fraudster, or fraudsters, counterfeited PAC checks to make them appear to be legitimate,” King said. “Once this was detected, we immediately took steps to safeguard the checking account to prevent any additional counterfeit checks from being cashed. The investigation into the matter is still open.”

The account is funded by contributions from Regions employees “to advance public policy that benefits our customers, communities, associates, and shareholders,” King said.

Just like any other customer who is the victim of fraud, Regions Bank replenished the money for the PAC account. The money stolen came from nine checks drawn on the account sometime in November and were cashed in several different states. 
At the end of December 2020, the PAC had raised $1,282,863 and spent $1,181,360. A total of $818,750 was contributed to federal candidates.
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