Ex-Bank Employee Convicted of Stealing from Elderly Clients

Yue Cao found guilty of defrauding senior citizens of over $2 million

Published on Feb. 10, 2026

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A former employee of a Cleveland-based bank has been convicted of using his access to client information to steal over $2 million from the accounts of elderly customers, including one in the Canton, Ohio area. Yue Cao, 36, was found guilty of 11 counts of bank fraud and 3 counts of aggravated identity theft by a federal jury in Cleveland.

Why it matters

This case highlights the vulnerability of elderly individuals to financial exploitation, especially by those in positions of trust like bank employees. It raises concerns about the security measures in place at financial institutions to protect sensitive customer data and prevent such crimes.

The details

Cao, a Chinese citizen and legal permanent resident of the U.S., worked as a quantitative modeling analyst at the Cleveland bank from 2015 to 2022. Without the knowledge of five bank clients aged 90 to 103, he created online accounts in their names and transferred at least $2.1 million of their funds to accounts he controlled, including a brokerage account. The thefts continued even after he started a new job at a Chicago bank in June 2022, where he was tasked with building fraud detection models.

  • Cao worked at the Cleveland bank from 2015 to 2022.
  • The thefts began in 2022 and continued until 2023.
  • Cao was fired from the Chicago bank in April 2023 after the fraud was detected.
  • Cao was indicted by a grand jury in May 2024.

The players

Yue Cao

A 36-year-old former bank employee who was convicted of stealing over $2 million from elderly bank clients.

Vadim Glozman

Cao's Chicago-based attorney, who said they plan to appeal the jury's verdict.

U.S. District Judge J. Philip Calabrese

The judge who ordered Cao to be taken into custody by the U.S. Marshal's office to await sentencing.

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What they’re saying

“We're disappointed with the jury's verdict and Mr. Cao plans on pursuing an appeal.”

— Vadim Glozman, Cao's attorney

What’s next

Cao's sentencing has not yet been scheduled, but he faces a minimum of 2 years and a maximum of 30 years in prison.

The takeaway

This case underscores the importance of robust security measures and oversight at financial institutions to protect vulnerable elderly customers from exploitation by employees who abuse their access to sensitive information.