A Bucksport woman who embezzled millions of dollars from bank customers was sentenced to more than eight years in federal prison Tuesday.
Lynn M. Bowden, 63, of Bucksport was sentenced in U.S. District Court in Bangor to serve 97 months in prison and to five years of supervised release for embezzlement by a bank employee and tax fraud.
United States Attorney Thomas E. Delahanty II said that Bowden, who pleaded guilty to the charges in February, was also ordered to pay $3.8 million in restitution.
According to court documents, Bowden was hired by Merrill Merchants Bank in May 2004. Two corporate acquisitions took place after that, with Bowden remaining as an employee.
In October 2012, Bowden was working as a wealth management officer for People’s United Bank. At that time, she was responsible for managing more than 200 trust and investment management accounts when the embezzlement was discovered.
An investigation by the Federal Bureau of Investigation and the Internal Revenue Service revealed that from April 4, 2005, to Sept. 26, 2012, Bowden made 108 deposits and transfers of customer funds into her personal accounts totaling $2.9 million.
Delahanty said in a press release that Bowden used all of the money that she stole for herself and family members. Bowden also failed to report the income to the IRS on her tax returns causing a tax loss of more than $750,000 for the period between 2007 and 2011.
The bank terminated her employment on Oct. 26, 2012. Customers were eventually reimbursed for their losses.