Crains Business Detroit is reporting that Bruce Jarrard, a former reverse mortgage loan officer at World Alliance Financial Corp. could face up to a maximum 20 years in prison and $250,000 in fines after pleading guilty to wire fraud in alleged data theft from the company.
According to Crains, Jarrard allegedly collected prospective reverse mortgage borrowers information before he left his job in 2008. Federal officials alleged that World Alliance Financial’s data were “trade secrets,” and Jarrard took them for his personal financial benefit.
“When a corporate insider steals critical trade secrets from his company – a company which has entrusted him with an important position – then all citizens are at risk,” said Terrence Berg, United States Attorney, at the indictment in March. “In today’s global economy where competition is fierce, corporations cannot afford to lose trade secrets because an unfaithful worker decides to steal its valuable property.”
Jarrard faced the wire fraud charge and one count of theft of trade secrets under an indictment filed in March before U.S. District Judge. He awaits sentencing Nov. 2