Former Reading personal banker pleads guilty to 31 counts of larceny

This is a summary. To read the whole story subscribe to

A former Bank of America personal banker pleaded guilty Monday to running a Ponzi-like scheme and stealing more than $2 million from friends, relatives, and many elderly customers.

Elaina Patterson, 54, was sentenced to three to five years in state prison and 10 years of probation. She pleaded guilty Monday to 15 counts of larceny over $250 from a person over the age of 60 and 16 counts of larceny, according to Attorney General Martha Coakley.

Coakley called Patterson’s actions a “gross violation of trust.”

“Through today’s state prison sentence, she is being held accountable for her deceitful and illegal actions,” Coakley said in a statement.

Patterson apologized to her family and victims before she was led out of court.

Full story for subscribers.

Get the full story with unlimited access to

Just 99 cents for four weeks.