Ex-banker allegedly swindled $2m from clients

WOBURN — A former personal banker on Tuesday pleaded not guilty in Middlesex Superior Court to charges that she swindled more than $2 million from her relatives and elderly customers at the Bank of America branch in Reading.

Elaina Patterson, 53, was charged with 16 counts of larceny over $250 and 15 counts of larceny from a person over 60. She was released without bail, but prohibited from working in financial services.

Patterson, of Wilmington, used her position as a longtime, trusted employee and a favorite of elderly bank customers to carry out a Ponzi-like scheme for nearly 12 years, according to court documents.

Patterson, who left the bank in 2011, bought Cadillac Escalades, took vacations in Aruba and Las Vegas, stayed at glitzy hotels, and paid her children’s college and private school tuitions with money she allegedly stole from her cousins, aunts, and uncles — as well as elderly customers — according to the complaint.

 

Patterson’s lawyer, Michael Smerczynski, said his client is cooperating with the authorities, noting that she had turned over files to investigators.

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Ex-banker allegedly swindled $2m from clients