Bank Employee Steals $2 Million From Elderly Customers

Fraud department manager used his position to access accounts and drain funds

Published on Feb. 14, 2026

Got story updates? Submit your updates here. ›

A 36-year-old Chinese national named Yue Cao, who worked as a quant analytics manager in the fraud department of an Ohio bank, was found guilty of stealing the identities of over 100 elderly customers and draining $2 million from their accounts. Cao created email addresses for the victims, signed them up for digital banking, and then transferred their funds to his own personal accounts and used the money for options trading.

Why it matters

This case highlights the risks that even customers of major financial institutions can face from insider threats, as well as the vulnerability of elderly customers who may not be as technologically savvy. It raises questions about the security protocols and oversight within bank fraud departments, and the need for stronger identity verification and account access controls to protect customers, especially the elderly.

The details

According to the U.S. Department of Justice, Cao used his position in the fraud department to steal the identities of elderly customers who were not enrolled in the bank's online services. He created email accounts for over 100 victims ranging in age from 90 to 103 years old, and then signed them up for digital banking, accessed their accounts, and transferred funds to his own personal bank and credit card accounts. Cao also opened brokerage accounts and engaged in options trading with the stolen funds.

  • Cao's crimes took place over an unspecified period of time prior to February 2026.
  • Cao was found guilty by a jury on February 14, 2026 after a five-day trial.

The players

Yue Cao

A 36-year-old Chinese national who worked as a quant analytics manager in the fraud department of an Ohio bank and was found guilty of stealing the identities of over 100 elderly customers and draining $2 million from their accounts.

U.S. Department of Justice

The federal agency that prosecuted Cao for his crimes.

Got photos? Submit your photos here. ›

What’s next

Cao faces up to 30 years in federal prison and will be sentenced at a later date that has yet to be scheduled.

The takeaway

This incident underscores the need for banks to have robust security protocols, identity verification measures, and oversight within their fraud departments to protect all customers, especially vulnerable elderly individuals, from insider threats and account takeovers.