FAYETTEVILLE, Ark. — The Federal Reserve System, or the Fed, has issued an order of prohibition against a former Arvest Bank of Fayetteville employee after transferring money from an elderly customer's account into her own, unauthorized.
According to the order issued by the U.S. Board of Governors of the Federal Reserve System dated Nov. 17, 2023, Chandlar Groce transferred $6,617.24 from an elderly customer's account for her own personal benefit while working at an Arvest Bank branch in Fayetteville between March 2022 and April 2022.
The customer reported the withdrawals on April 26, 2022. Groce had worked at the bank from Aug. 9, 2021, until she was terminated on May 12, 2022, the order says.
The Fed said Groce's act constituted elder abuse, against policies and procedures, and caused Arvest to "suffer a financial loss and posed financial, legal, and reputational risks to the bank."
Groce is banned from the banking industry, including any foreign bank. If violated, she could face civil or criminal penalties or both, the agency said.
As of Nov. 22, there isn't public record of criminal charges against Groce in the state of Arkansas.
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