Connecticut’s Webster Financial Says It Was Victim of Embezzlement Scheme

February 3, 2010

Waterbury, Connecticut-based Webster Financial Corp. said it was the target of an elaborate embezzlement scheme at a subcontractor that provides bulk cash processing on behalf of one of its major vendors.

The company said that the subcontractor had made partial restitution and that, in addition, the subcontractor maintains an insurance policy in an amount in excess of the maximum potential exposure of $11 million. No customer accounts were affected by the scheme, Webster said.

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Source: Webster Financial Corp.