BOSTON - A former employee of Shawmut National Corp. and FleetBoston Financial Corp. was sentenced Tuesday in federal court for stealing $1.49 million over 30 years while he managed the companies' Boston money center, according to the U.S. Attorney in Boston.
Ronald G. Johnston, 57, was sentenced to three years and 10 months in prison, followed by three years of supervised release. He was also ordered to pay $1.49 million to Fleet and a $10,000 criminal fine.
Mr. Johnston pleaded guilty in March to 14 counts of bank embezzlement and making false entries in the books and records of Shawmut and later Fleet, which bought Shawmut in 1995.
Mr. Johnston was a supervisor and manager at the centralized facility, which took deposits from Shawmut's commercial customers and correspondent banks and provided coins and currency to customers and various branch facilities, according to the U.S. Attorney's office. Fleet took over the center when it bought Shawmut.