A local bank executive who was a vice president at Tompkins Community Bank has been accused of scheming two people out of over $500,000.
Timothy Siverd, 34, was paid approximately $158,429 by the first victim. Then another $346,511 by another victim.
Prosecutors say $108,429 from the second victim was used by Siverd to pay back the first victim. The second victim didn’t get any of their money back.
Both individuals were under the impression Siverd was investing in various real estate properties.
None of the properties he convinced victims to invest in were for sale. Instead, Siverd used the victims’ money to pay a co-conspirator, and for gambling and personal expenses.
Prosecutors say Siverd has been charged with wire fraud and money laundering. He could spend up to 20 years in prison if convicted.
He hasn’t worked for Tompkins Community Bank since January, according to officials. They released a statement after his arrest.
“We recently became aware of allegations involving a former employee, Timothy Siverd. Mr. Siverd has not worked at Tompkins since January 2022. We feel deep compassion for the affected individuals, and we hope for a swift resolution. These alleged actions are not in line with Tompkins Community Bank and its values,” officials with the bank said.
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