ST. LOUIS - (06/19/06) -- The leader of a local bank robberygang who sometimes dressed as women to pull off some of the biggestcredit union robberies ever was sentenced Friday in federal courtto 37 years in prison. Otis McAllister, 42, was also ordered, alongwith six accomplices, to pay $1.4 million in restitution to thebanks and credit unions they robbed. McAllister was head of a gangresponsible for as many as 18 robberies and attempted robberies inthree states, including two separate incidents at St. LouisCommunity CU which netted the gang almost $480,000. McAllisterpleaded guilty in February to conspiracy and two counts ofbrandishing a firearm in furtherance of a crime of violence.McAllisters gang used sophisticated plans and disguises,sometimes hiding behind a credit union then forcing employees atgunpoint to let them in to clean out the vaults. The group also hitSouth Community CU, in St. Louis, for $196,000, and attemptedrobberies at Alliance CU, Hazelwood, Mo., Southern Illinois AreaCU, Midwest CU, Florissant, Mo., Gateway Federal Employees CU, PineLawn, Mo. and First Community CU, Fairview Heights, Ill. Theirbiggest heist was at Cass Commercial Bank in St. Louis, when theygot away with $285,505.
-
The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
3h ago -
The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
7h ago -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27