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NCB wealth advisor's alleged fraud surpasses $42 million

By Racquel Porter 

Prosecutors on Thursday reported that the major fraud uncovered at the St. Ann's Bay branch of the National Commercial Bank has now surpassed $42 million.

This was disclosed during the bail hearing for former NCB Wealth Advisor, Khadene Thomas, who is accused of multiple fraud.

The court was told that an audit by the bank revealed that Ms Thomas swindled US$279,000 as well as J$570,000 from customers' accounts.

Two additional charges of larceny as a servant and uttering forged documents were laid against her Thursday morning.

The 35-year-old was offered bail in the sum of $5 million when she appeared in the St. Ann's Bay Parish Court.

She was offered bail following an application by her attorney, Matthew Hyatt.

Mr. Hyatt said the judge imposed reporting conditions as well as a stop order, so Ms. Thomas will have to surrender her travel documents. 

"Ms Thomas is eager to have her day in court and she denies the allegations involved," the attorney said. 

Ms Thomas was charged with multiple counts of fraud last month after NCB said it uncovered the alleged scheme.

It's alleged that over the period January 2020 to December 2022, Ms Thomas, who was employed to NCB Capital Markets as a Wealth Advisor, gained access to the accounts of several customers without authorisation, by submitting fraudulent encashment request forms purporting same were signed by the customers.

She is to return to court on May 10.