Authorities in Miami-Dade have arrested a former Bank of America employee, accusing him of stealing over half a million dollars from a disabled woman. The Miami-Dade Sheriff's Office (MDSO) and the Florida State Attorney's Office announced the arrest this Tuesday.
The suspect, identified as Mario Martínez, 40, was an ex-employee at a Bank of America branch in southwest Miami-Dade. He allegedly defrauded a 47-year-old woman with physical disabilities of $514,496.
Facing serious charges, Martínez is accused of exploiting an elderly or disabled adult for over $50,000, engaging in a scheme to defraud $50,000 or more, grand theft exceeding $100,000, and criminal use of personal identification information. These are all first-degree felonies, as revealed during a press conference by State Attorney Katherine Fernández Rundle and Miami-Dade Sheriff Rosie Cordero-Stutz.
The investigation kicked off on January 16, following a call from a supervisor at Bank of America alerting authorities to a potential fraud scheme involving one of their employees. According to an affidavit, Martínez had been withdrawing funds from a customer’s account and had opened joint accounts with the victim without her knowledge, transferring money to his personal account without her consent.
Fernández Rundle elaborated on the case, noting that the victim, identified as Ms. Lovell Frank in court documents, requires a motorized wheelchair and 24-hour care due to her inability to walk. She met Martínez in 2016 when he assisted her at the bank in opening an account. At one point, she mentioned receiving an inheritance and having difficulty managing her finances, which prompted him to offer his help.
"The victim recalls entering the bank and telling the individual that she had recently inherited a large sum of money," Fernández Rundle stated. "He explained he was a financial advisor and could take her on as a client to invest and manage her money. She trusted him."
However, detectives noted that Martínez was not a financial advisor and was unauthorized to open or manage investment accounts. The state attorney confirmed that the victim had never authorized the opening of the accounts from which Martínez withdrew the funds.
In December 2024, Bank of America conducted an internal investigation and informed the victim that Martínez had been diverting her money. Court records cited by the media revealed that when confronted by his supervisor, Martínez confessed to taking money from the client's account. The prosecution noted that he had attempted to persuade the woman not to report the incident to the police.
After uncovering the scheme, Bank of America and the victim reported the fraud to the MDSO, leading to Martínez's termination. "The investigation ultimately revealed that Martínez used the victim’s trust and his position at the bank to allegedly steal over half a million dollars," Fernández Rundle stated.
Investigators claimed that Martínez knew how to bypass bank alerts and internal systems to avoid detection. "Crimes like this are deeply concerning as they exploit the trust, dependency, and dignity of victims," Sheriff Cordero-Stutz emphasized.
The investigation was a collaborative effort between the Miami-Dade Sheriff's Office Organized Crime Bureau and the State Attorney’s Office Elderly and Vulnerable Adult Task Force. Upon Martínez's arrest, Bank of America clarified that he had not been employed by the bank for roughly a year. "Following his dismissal, this information was presented to regulatory bodies, a mandatory procedure for financial institutions when an employee is terminated," the bank stated, according to a report by Telemundo 51.
Details on the Fraud Case Involving Mario Martínez
What charges is Mario Martínez facing?
Mario Martínez is facing charges including exploitation of an elderly or disabled adult for over $50,000, a scheme to defraud $50,000 or more, grand theft over $100,000, and criminal use of personal identification information, all first-degree felonies.
How did the bank discover the fraudulent activities?
The fraudulent activities were discovered after a bank supervisor reported a potential fraud scheme to the authorities, leading to an internal investigation by Bank of America.
Who was the victim in this fraud case?
The victim was identified as Ms. Lovell Frank, a 47-year-old woman with physical disabilities who requires a motorized wheelchair and 24-hour care.