Fed Bars Former Regions Employee Over Alleged Check Fraud Scheme
A former Regions Bank employee in Memphis, Tennessee has been barred from participating in the banking industry after allegedly cashing counterfeit checks worth over $396,000.
The Federal Reserve Board issued an Order of Prohibition against Elazia Jones, who worked as a relationship banker at the Hickory Ridge branch until her employment was terminated on November 1, 2024.
The regulator alleges that Jones knowingly cashed counterfeit or fraudulent checks in exchange for personal benefits, including cash. This was part of a broader check-fraud ring responsible for significant losses to Regions Bank.
The enforcement action restricts Jones' ability to work for or participate in the affairs of federally regulated financial institutions. She is prohibited from participating in certain activities without prior written regulatory approval and cannot serve as an officer, director, or employee at covered institutions.