Bank executive, husband plead guilty to embezzling $2.7M

BOSTON – A former Bank of America executive and her husband have pleaded guilty to embezzling more than $2.7 million from the bank through fraudulent charitable donations then using the money to fund a lavish lifestyle.

Federal prosecutors say 45-year-old Palestine “Pam” Ace, a former senior vice-president of the Charlotte, North Carolina-based bank’s Global Wealth and Investment Management Division, pleaded guilty Thursday to multiple counts of bank fraud and wire fraud.

Her husband, 46-year-old Jonathan Ace, pleaded guilty to wire fraud and engaging in an unlawful monetary transaction.

Authorities say the Rockland, Massachusetts, couple transferred bank money to various non-profit organizations, and then demanded the return of a portion of the money in order to ensure that Bank of America would continue to fund the organization.

Sentencing is scheduled for May.