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Bank employee receives 20-month sentence

Dale Antonio Allen was set sentenced today (24 January) to 20 months in prison.

Mr. Allen, a former Cayman National Bank (CNB) Assistant Manager in the Credit Risk Department, was arrested in March 2015 for bilking nearly $ 20, 000 dollars from CNB accounts between January 2012 and October 2014.

Crown Counsel says Mr. Allen used the bank accounts of his family members to hide his illegal activity. He was found guilty of seven charges for money laundering and one charge for false accounting.

The magistrate ruled the exact amount taken by Mr. Allen has increased based on inflation rates since the time of the theft and said the court is unable to calculate the exact stolen figure.

The magistrate added Mr. Allen’s breach of trust as a long-term employee within the banking industry damages the Cayman Islands’ reputation as a whole and said the internal investigation carried out by Cayman National Banks has cost the bank over $40,000 and a damaged reputation.

About the author

Mario Grey

Mario Grey

Mario Grey's passion for journalism has been long intertwined with his love of people and culture from his days as a youth growing up in the Cayman Islands. He captained his debate team whilst at John Gray High School and graduated as Head Prefect. He also worked at KVHU FM in Searcy, Arkansas, United States and worked and interned for Radio Cayman News before graduating from the University Of Arkansas at Little Rock in May 2015.

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