Temp Worker Charged In $3 Million HomeEquity Loan Scam

Published January 23, 2006, 1:00 a.m. EST

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Updated August 27, 2020, 2:19 a.m. EDT

1 Min Read

SAN FRANCISCO - (01/23/06) Police raided a Johnson City,Tenn., hotel room last week and arrested a former contract workerfor Embarcadero FCU who allegedly set up a phony $3.1 million homeequity loan for himself while he worked at the San Francisco creditunion. David Read, 23, was an employee of OfficeTemp, a temporarystaffing agency, when he allegedly created the fictitious loan tohimself on his computer at the credit union, then transferred morethan $300,000 to outside accounts in November and December. Readnever returned to work after credit union officials discovered theloan and froze access to the computer network.

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