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April 14, 2021, 12:04 p.m. EDT

Woman arrested for refusing to return $1.2 million she received from Charles Schwab via ‘accounting error’

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By Weston Blasi

A former sheriff’s dispatcher in New Orleans has been arrested after she refused to return more than $1.2 million that was accidentally deposited in her brokerage account.

Kelyn Spadoni, 33, was taken into custody on charges of theft, bank fraud and illegal transmission of monetary funds, according to local reports . Spadoni has been fired by the Jefferson Parish Sheriff’s Office in the wake of her arrest.

Charles Schwab /zigman2/quotes/201281754/composite SCHW -1.14% transferred $1.2 million into her account when it was only meant to deposit $82, according to authorities.

“She has no legal claim to that money,” Jason Rivarde, a sheriff’s office spokesman said. “Even if it was put in there, by mistake. It was an accounting error.”

Charles Schwab has filed a lawsuit against Spadoni and insisted she must return all the funds.

Authorities say that Spadoni moved the funds to a separate account at Fidelity and used some of the money to buy a car and a house.

See also: Coinbase IPO: Everything you need to know about the ‘watershed moment’ in crypto

“If someone accidentally puts an extra zero on a utility payment, they would want that money returned or credited to them,” Rivarde said. “This is no different.”

/zigman2/quotes/201281754/composite
US : U.S.: NYSE
$ 72.42
-0.83 -1.14%
Volume: 1.82M
May 17, 2021 12:53p
P/E Ratio
32.16
Dividend Yield
0.99%
Market Cap
$138.17 billion
Rev. per Employee
$378,406
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