Bank vice chairman caught stealing $500,000 commits fraud again while awaiting sentencing

Some people are caught committing fraud and learn a lesson from it. Timothy Siverd was caught committing fraud and decided to commit more fraud – while literally waiting to be sentenced for the first scheme.

The first plan: fake real estate deals

In November 2021, Timothy Siverd, then a vice president at Tompkins Community Bank in Webster, New York, convinced two victims to invest in what he described as real estate transactions. The transactions were fraudulent – Silverd pocketed the money.

Here’s the part that makes this particularly cold: Siverd paid Victim No. 1 back approximately $108,429 – using money he stole from Victim No. 2. He robbed one person to partially repay the other, creating the illusion of a legitimate return while Victim No. 2 got nothing.

The second plan: a cleaning company that cleaned up after customers

You’d think that getting caught stealing more than half a million dollars would be a wake-up call. Instead, between November 2022 and September 2024 – while under supervision awaiting sentencing for the bank fraud charges – Siverd launched ROC Scrubby LLC, a residential and commercial cleaning company.

According to prosecutors, Siverd used the company for that purpose carry out a second fraud scheme:

• Customers overbilled for services that were never performed
• Changed booking information in the company’s software to increase costs
• Fraudulently used customer credit card numbers for unauthorized charges

The sentence

On February 13, 2026, the United States District Court for the Western District of New York sentenced Siverd, now 38, to 111 months in federal prison – just over 9 years. He was convicted of two counts of wire fraud and one count of aggravated identity theft.

What this tells you about protecting yourself

There are two important points here, and neither is, “This could never happen to me.”

Check your credit card statements every month. It takes two minutes. Siverd has been able to execute his cleaning business plan for almost two years because people don’t always check what they are being charged for.

If someone steals from you, that’s their failure, not yours. The only question that matters now is: what is the best path forward for your situation?–Steve Rhode

Frequently asked questions

Who is Timothy Siverd and what was he convicted of?

Timothy Siverd, 38, of Webster, New York, was a former vice president at Tompkins Community Bank. He was convicted of two counts of wire fraud and one count of aggravated identity theft for running two separate fraud schemes: fake real estate investments and a cleaning company that charged clients for services that were never performed.

How much money did Timothy Siverd steal?

In the first scheme, Siverd took $158,429 from one victim and $346,511.55 from another through fake real estate transactions – a total of more than $500,000. The second scheme involved overbilling and unauthorized credit card charges through his cleaning company, ROC Scrubby LLC.

How long is Timothy Siverd’s prison sentence?

Siverd was sentenced on February 13, 2026, by the United States District Court for the Western District of New York to 111 months (approximately 9 years and 3 months) in federal prison.

How can I protect myself against investment fraud?

Check each investment opportunity independently before sending any money. Check the person’s details with the regulators, never invest under pressure and be skeptical about guaranteed returns. If someone at your bank offers a private investment deal, that’s a big red flag: legitimate investments are going through the right channels.

What should I do if I find unauthorized charges on my credit card?

Contact your credit card company immediately to dispute the charges. Report it to the police if the allegations are clearly fraudulent. Review your statements monthly and set transaction alerts so you can quickly spot unauthorized activity.

(Source: US Department of Justice)