Bank of Oklahoma Senior Vice President Embezzled $4.2 Million From Clients
William Shane Garrow, Senior Vice President of a Bank of Oklahoma subsidiary, pleaded guilty in January to charges related to a $4.2 million embezzlement scheme. Photo credit: Bank of Oklahoma Headquarters by 4kclips / Shutterstock.com.
BOK Financial Securities, a subsidiary of Bank of Oklahoma Financial Corporation, headquartered in Tulsa, Okla., hired Garrow in August 2007, according to the charge sheet in the case. Garrow later became a Senior Vice President and a private banker at BOK and worked as a financial advisor to wealthy clients.
Used Access to Steal from Client Accounts
Garrow had access to the accounts in BOKF, NA, which is a subsidiary of BOK, due to his senior position, according to the charge sheet.
Garrow used his position to access his client’s accounts and transferred their funds from BOK to other bank accounts he owned at different financial institutions, according to the charge documents. Garrow also issued cashier checks from his clients’ BOK accounts that were made out to entities he controlled and then deposited the checks into his personal bank accounts.
Some clients noticed the missing funds in their accounts, but when they asked Garrow about it, he claimed that it was a mistake on the part of BOK and vowed to fix the problem, according to the charge sheet. Instead, Garrow often returned the funds by depositing them using money he had taken from other client accounts.
Garrow defrauded at least 16 bank accounts in the BOKF, NA financial institution, scamming the account holders out of at least $4,277,227.99, according to the charge documents and the DOJ press release.
Tax Evasion Charges
Garrow was terminated from his position in March 2024, according to the DOJ press release. However, his actions to embezzle money occurred between September 2012 and April 2024. Garrow also lied to the IRS on his 2022 taxes about his taxable income, according to the charge sheet. He did not disclose his extra income from his embezzlement to the Internal Revenue Service (IRS), omitting about $592,500 taxable income on his Form 1040.
Garrow admitted to both bank fraud charges and making a false Federal Income Tax Return, as spelled out in his plea agreement. The DOJ press release details that Garrow admitted that the funds were used to support his lifestyle and that he knew what he did was wrong.
Now Owes Millions
In addition to repaying the $4,277,227.99 in restitution, Garrow owes the IRS back tax revenue, which he has agreed to pay, according to the plea agreement. The IRS will receive $1,519,518.00 in back taxes from Garrow’s scheme.
Garrow is released on bond until his sentencing, according to the DOJ press release. A date has not been set for the sentencing.
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