Portland Woman Arrested for Alleged Bank Fraud

Penfield Hill Road, Connecticut Resident Faces Federal Charges

35-Year-Old Suspect Accused of Multiple Fraudulent Transactions

Portland, Connecticut—A 35-year-old Penfield Hill Road resident was arrested on Tuesday, February 28, 2023, by the Federal Bureau of Investigation (FBI) and charged with bank fraud and related offenses, according to a press release from the U.S. Attorney's Office for the District of Connecticut.

The suspect, identified as Sarah J. Smith, is accused of engaging in a scheme to defraud a local bank in Portland, Connecticut. According to the criminal complaint filed in federal court, Smith allegedly opened multiple fraudulent bank accounts using stolen identities and used them to make unauthorized withdrawals and transfers.

The investigation, conducted by the FBI with the assistance of the Portland Police Department, revealed that Smith allegedly used the stolen funds to pay personal expenses and to purchase luxury goods. The specific amount of money involved in the alleged fraud is still under investigation.

Smith was arrested at her residence on Penfield Hill Road and appeared before a federal magistrate judge in Bridgeport, Connecticut, on Wednesday, March 1, 2023. She was released on a $50,000 bond and is scheduled to appear in court again on March 15, 2023.

Bank fraud is a serious federal crime that can carry significant penalties. If convicted, Smith could face up to 30 years in prison and a substantial fine.

The FBI encourages anyone with information about this case or other financial crimes to contact their local FBI office or submit a tip online at tips.fbi.gov.