Fed Bars Ex-Banker Over Alleged $396K Check Fraud Scheme

A former Regions Bank relationship banker has been barred from participating in the banking industry after allegedly cashing counterfeit or fraudulent checks for personal benefits. Elazia Jones worked at the Hickory Ridge branch in Memphis before her employment was terminated on November 1, 2024.

The Federal Reserve alleged that Jones knowingly cashed these checks as part of a broader check-fraud ring that resulted in more than $396,000 in losses to Regions Bank. The regulator attributed these losses to the alleged operation but did not disclose how much money or other benefits Jones allegedly received.

Jones agreed to the issuance of the prohibition order without admitting or denying the allegations and waived several rights that would otherwise have been available to her in a contested Federal Reserve enforcement proceeding.