Authorities Seeking TBW Employee in Alleged Theft

A former employee at the now defunct Taylor, Bean & Whitaker faces charges he allegedly stole more than $1.6 million from the company by depositing the funds into accounts he controlled at Navy FCU of Virginia. Victor Cedeno, who was a loss mitigation negotiator in the loan resolution management department at the Ocala, Fla.-based company allegedly deposited checks made out to Taylor, Bean & Whitaker into this account from July 17, 2008, until as recently as Aug. 10 of this year, according to a criminal complaint filed by the U.S. Attorney's office. A spokesman for the U.S. Attorney office said Mr. Cedeno is still being sought by authorities. He could not be reached for comment. The scheme allegedly began July 16, 2008, when Mr. Cedeno opened an account at Navy Fed's branch in Winter Park under the name, "Tailor Bean W." The name "Tailor Whitaker" was listed as primary account holder. A total of 58 checks worth $1.6 million were allegedly funneled into the "Tailor Bean W." account.