A former Australian banker, Dennis Nguyen, has been sentenced to 18 months in prison after scamming customers out of AUD 489,000, a scheme fueled by his personal loss in a crypto scam.

🪙 From Victim to Criminal

Nguyen, once an employee at National Australia Bank (NAB), fell victim to a crypto scam in 2021, losing AUD 20,000—nearly all of his savings. But rather than walking away, he took a darker path, using his insider knowledge to defraud others the same way he had been scammed.

🏦 Inside the Bank Fraud Scheme

Using confidential customer data from NAB, Nguyen created fake accounts at Commonwealth Bank and began transferring money from NAB customers into these accounts. He targeted those who had made extra payments on home loans, believing they were less likely to notice discrepancies.

While he managed to steal AUD 70,000 and AUD 50,000 in two early transactions, alert customers raised the alarm, and NAB reimbursed the losses. Nguyen was fired on November 26, 2021, and reported to authorities.

💰 The Second Job — And Second Scam

Shockingly, Nguyen secured another position at Judo Bank. There, he exploited a customer with multiple sclerosis, learning during a phone call that she had memory issues. He then drained AUD 167,500 from her account directly into his ANZ bank account, bypassing fake profiles altogether.

When questioned, Nguyen denied everything, claiming the victim had stolen his identity. He was once again fired and reported.

🕵️‍♂️ The Fake Manager Scheme

Nguyen didn’t stop. He assumed a fake identity as "Patrick," a supposed manager at Judo Bank, and began posting fraudulent reviews on comparison websites to lure in new victims. He claimed he could offer higher interest rates if contacted directly.

One person fell for the scheme and transferred AUD 200,000, which Judo Bank later refunded. Another couple nearly transferred AUD 500,000, but pulled out after Nguyen accidentally used his real name, Dennis, in an email.

🚨 Arrest and Sentencing

Nguyen was arrested and charged after defrauding multiple victims across two banks. He pleaded guilty to four fraud charges and three counts of theft.

Judge Samantha Marks acknowledged his troubled background, including a history of domestic abuse, a gambling-addicted father, and emotional distress, but said the serious nature of the fraud warranted a strong sentence.

Nguyen will serve 18 months in prison and will be eligible for parole in September 2026.

📉 Takeaway

This case highlights the long-term impact of financial scams and how unresolved trauma can lead victims down a criminal path. It’s also a wake-up call for institutions to tighten internal security and ensure proper background checks are conducted.

#BankFraud #CryptoScams #AustraliaNews #NAB #FraudCase

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