An Arkansas bank employee faces multiple felony charges after allegedly stealing over $240,000 from customers, including a deceased account holder whose funds triggered the investigation.
At a Glance
- Heather Pankey, an employee at First National Bank of Commerce in Pocahontas, Arkansas, was arrested for stealing over $240,000 from bank customers
- The scheme was uncovered when a transaction on a deceased customer’s account failed to post
- Pankey allegedly transferred funds from at least eight customer accounts to a joint account shared with her grandmother
- She claimed she was “borrowing” money from customers she believed wouldn’t need it at the time
- Pankey faces multiple felony charges including theft of property, forgery, financial identity fraud, and computer fraud
Bank Fraud Discovered Through Failed Transaction
On March 20, bank officials at First National Bank of Commerce in Pocahontas, Arkansas, discovered suspicious activity that would eventually reveal a massive theft scheme. The investigation began when an attempted transaction on a deceased customer’s account failed to process properly, immediately raising concerns among bank management.
Upon further review, investigators found that the transaction had been initiated using employee credentials belonging to Heather Pankey, who worked at the branch. This discovery prompted a deeper investigation that would uncover unauthorized activity across multiple customer accounts.
Sophisticated Scheme Targeted Multiple Accounts
As investigators dug deeper, they discovered a pattern of unauthorized withdrawals affecting at least eight customer accounts. The total amount stolen exceeded $241,900. According to the arrest affidavit, Pankey developed a complex system to conceal her activities.
She allegedly transferred funds from various customer accounts into a joint account she shared with her grandmother. From there, the money would be withdrawn for personal use. To avoid detection, she would move funds between different customer accounts, effectively using new victims’ money to cover previous unauthorized transactions.
Suspect Claims She Was “Borrowing” Funds
When confronted by authorities, Pankey offered a surprising explanation for her actions. She claimed she was merely “borrowing” money from accounts belonging to customers she believed wouldn’t need immediate access to their funds. This unusual justification did little to mitigate the serious nature of the crimes, as taking any amount of money from customer accounts without authorization constitutes theft regardless of any intention to return the funds. The breach of trust is particularly concerning in the banking industry, where customers expect their deposits to be securely managed.
Multiple Felony Charges Filed
Following her arrest, Pankey was booked into the Randolph County Detention Center. Prosecutors have filed multiple serious charges against her, including theft of property, forgery, financial identity fraud, and computer fraud. The severity of these charges reflects the substantial amount stolen and the sophisticated methods used to commit and conceal the crimes. Under Arkansas law, theft of property and forgery are Class B felonies, while financial identity fraud is classified as a Class C felony, and computer fraud constitutes a Class D felony.
Banking Industry Security Concerns
This case highlights persistent vulnerabilities in banking security, particularly regarding internal threats. Despite extensive background checks and security protocols, employees with access to customer accounts can sometimes exploit their positions of trust. The incident serves as a reminder of why banks implement oversight systems that can detect unusual account activity. In this case, the failed transaction on a deceased customer’s account triggered the investigation that ultimately unraveled the entire scheme, demonstrating the importance of automated fraud detection systems that flag unusual or suspicious transactions.
