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Banker may have stolen from more clients

An internal investigation at Northern Trust Bank has found other customers who appear to have lost money.

By ABHI RAGHUNATHAN
Published June 22, 2006

ST. PETERSBURG - A prominent banker charged with stealing from a customer at Northern Trust Bank may have taken money from other clients, a bank official said Wednesday.

Ed Camejo, 38, was arrested last month on a felony charge of scheming to defraud more than $50,000. St. Petersburg police said Camejo took $100,000 from a life insurance policy, saying he needed it for "expenses."

But an internal investigation at Northern Trust has uncovered more clients who may have lost money. Debbie Kraujalis, a managing director for Northern Trust, said the bank's investigation found "a small number of client accounts may have been affected" by Camejo.

The law firm representing Camejo said it would work with authorities to resolve the matter.

"We are aware that there possibly are other cases," said Summer Vecchioli a lawyer with the Fleming Law Group. "Our goal is to fully cooperate with Northern Trust."

Kraujalis declined to specify the number of affected clients or the total amount of money, saying the bank's investigation was not finished. Kraujalis said fewer than 10 clients were affected, and that the bank was in the process of reimbursing all of them.

"As an organization, Northern Trust is deeply saddened and disappointed by the situation," Kraujalis said.

Camejo's arrest stunned the city's arts and financial communities. It also derailed what seemed to be a Horatio Alger success story.

Camejo was born in Cuba and fled with his family during the Mariel Boatlift as a young boy. After settling in South Florida, his father worked construction and his mother worked in a clothing factory.

But Camejo rose quickly in the banking world, becoming a second vice president at Northern Trust. He was a regular at charitable balls, a former president of the Mahaffey Theatre Foundation and vice chairman of the Arts Center of St. Petersburg.

In an interview after his arrest, Camejo said the best part of his work with charitable groups was the chance to assist children from poor families.

St. Petersburg police arrested Camejo after Northern Trust forwarded its investigation of Camejo's suspected life insurance theft.

Detective Randy Adams said Camejo, who was fired by the bank, admitted his crime and cooperated with the investigation.

So far, police say they have not received any additional complaints about Camejo from the bank. Kraujalis said Northern Trust is still finalizing its investigation and plans to keep cooperating with authorities.

Abhi Raghunathan can be reached at araghunathan@sptimes.com or 727 893-8472.

[Last modified June 22, 2006, 05:46:38]