Arkansas bank employee Heather Pankey faces multiple felony charges after allegedly stealing over $240,000 from customers’ accounts, including one belonging to a deceased person.
At a Glance
- Heather Pankey, a First National Bank of Commerce employee in Pocahontas, Arkansas, allegedly stole over $241,900 from customer accounts
- The scheme was discovered when a suspicious transaction on a deceased customer’s account failed to process
- Pankey allegedly transferred funds from multiple accounts to one shared with her grandmother before withdrawing the money
- She claimed she was merely “borrowing” money from customers she believed wouldn’t need immediate access to their funds
- Pankey faces multiple felony charges including theft of property, forgery, financial identity fraud, and computer fraud
Bank Fraud Scheme Uncovered
On March 20, authorities in Pocahontas, Arkansas uncovered a significant bank fraud operation at the First National Bank of Commerce. The scheme came to light when a transaction initiated on a deceased customer’s account failed to post properly, triggering an internal review. Bank investigators traced the suspicious activity to employee login credentials belonging to Heather Pankey, who worked at the financial institution. This initial discovery prompted a deeper examination of other customer accounts under Pankey’s management, revealing a pattern of unauthorized transfers spanning multiple client portfolios.
“The initial red flag appeared when a transaction was initiated on a deceased customer’s account and failed to post” – arrest affidavit.
Sophisticated Money Movement Scheme
According to investigators, Pankey established a complex system to conceal her activities. She allegedly accessed at least eight different customer accounts without authorization, transferring funds to a joint account shared with her grandmother. From there, Pankey would withdraw the money for personal use. The total amount misappropriated exceeded $241,900. The investigation revealed that Pankey moved money between different customer accounts to hide previous unauthorized withdrawals, essentially using new thefts to cover earlier ones in a classic financial shell game.
“The movement of these funds was part of a pattern of behavior in which [Pankey] transferred money from one customer’s account to another to conceal prior unauthorized withdrawals” – affidavit.
Defense Claims and Criminal Charges
When confronted with evidence of the unauthorized transfers, Pankey offered a startling justification for her actions. She claimed she was merely “borrowing” money from customers she believed wouldn’t need immediate access to their funds. This defense did little to mitigate the severity of the allegations against her. Following the investigation, Pankey was arrested and booked into the Randolph County Detention Center on multiple serious charges. The allegations against her include theft of property, forgery, financial identity fraud, and computer fraud.
Legal Consequences and Potential Penalties
The charges against Pankey carry significant potential penalties under Arkansas law. Both theft of property and forgery are classified as Class B felonies, which typically carry sentences of 5-20 years of imprisonment. Financial identity fraud is charged as a Class C felony, punishable by 3-10 years in prison. Computer fraud, the least severe charge, is a Class D felony that can result in up to 6 years of incarceration. The case highlights the serious consequences facing financial industry employees who abuse their positions of trust.
The bank’s swift action in identifying and reporting the suspicious transactions demonstrates the importance of internal monitoring systems in financial institutions. For consumers, the case serves as a reminder of the need to regularly review account statements and report any unauthorized transactions promptly. The First National Bank of Commerce has not yet issued a statement regarding potential reimbursement for affected customers or changes to security protocols following this breach of trust.
