Bank Employee Bank Banned From Industry After Stealing Customer Info Used To Drain Accounts
A former bank employee is now banned from working in the banking industry after federal regulators accused him of leaking customer data to fuel a wire fraud scheme.
The Federal Reserve has issued an order of prohibition against Jermal McGlown, who worked as a wire transfer administrator at the Memphis-based First Horizon Bank from June 2022 until his termination in January 2024.
According to the Fed, McGlown obtained confidential customer account information from November 2023 to January 2024 and gave the data to a third party. McGlown’s co-conspirators used the stolen details to impersonate customers and carry out fraudulent wire transfers.
The Fed says the scheme led to $42,000 in losses for First Horizon Bank and accused McGlown of violations of law or regulation, unsafe or unsound banking practices and breaches of fiduciary duty.
The prohibition order bars McGlown from working at or participating in the activities of any FDIC-insured bank, holding company, or affiliated entity without getting prior approval. The ex-First Horizon Bank employee has consented to the provisions of the order without admitting or denying the Fed’s allegations.
While the Fed says it will not take other actions against McGlown in relation to the incident, other federal or state agencies are free to do so.
First Horizon Bank is the 33rd-largest commercial bank in the US with $81.784 billion in total assets, according to Federal Reserve data.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hedera’s Open Data Initiative: Driving Enterprise Blockchain Integration with Google Cloud
- Hedera Hashgraph joins Google Cloud's BigQuery to boost blockchain transparency and accessibility for developers and enterprises. - HBAR price surged 10% to $0.19 with $483M trading volume, driven by ETF inflows and institutional interest in the top-20 cryptocurrency. - The integration enables cross-chain analysis of transaction data, smart contracts, and DeFi trends via scalable open-source analytics tools. - Institutional participation is evident through 24.2% higher trading volume, though challenges i
HYPE Token: Evaluating Authenticity and Future Prospects in the Cryptocurrency Landscape Beyond 2025
- HYPE token's 2025 surge stems from an $888M merger between Sonnet BioTherapeutics and Rorschach I LLC, creating a $583M treasury and $1B acquisition facility. - Hyperliquid's DeFi innovations like the BorrowLendingProtocol (BLP) and $303B October trading volume highlight its ecosystem utility and capital efficiency gains. - Technical indicators show HYPE trading near $40 with weakening momentum (RSI 46, negative MACD), raising caution amid broader crypto-AI sector valuation concerns. - Comparative analys
The Growing Fascination with Hyperliquid: Is This the Dawn of a New Age in On-Chain Trading?
- Hyperliquid dominates 2025 decentralized derivatives trading with $303B volume, driven by HIP-3 protocol and partnerships with RedStone/21Shares. - Competitive risks emerge as rivals like Aster challenge Hyperliquid's market share through liquidity incentives and 24-hour trading spikes. - Whale activity and leveraged trading risks highlight Hyperliquid's BLP testnet innovations in on-chain lending and risk management solutions. - Institutional adoption accelerates via 21Shares' ETF application, while TVL
Ethereum Updates Today: With Ethereum's Price Dropping, Major Investors Acquire 23,501 ETH—Showing Confidence in Its Long-Term Strength
- A major Ethereum whale bought 23,501 ETH amid a 12% price drop, reversing prior shorting activity to signal long-term bullishness. - Institutional and retail investors collectively purchased $1.37B in ETH, with Aave and Bitmine leading as exchange reserves hit 2016 lows. - Spot ETFs saw first November inflows after $2.9B outflows, while Ethereum remains 33% below its August 2025 peak despite staking growth. - Macroeconomic uncertainty, including Fed rate caution and inflation concerns, pressures crypto m
Trending news
MoreCrypto prices
More
