A Nashville banker is facing 10 criminal counts after police said he took more than $139,000 from two elderly customers’ accounts through counter withdrawals, ATM withdrawals, debit-card use, and Zelle transfers.
The Metropolitan Nashville Police Department said Karl Stephen Richardson was arrested after a four-month investigation into embezzlement allegations. Police said Bank of America, his former employer, filed the complaint that started the investigation on Feb. 6.
Richardson worked at Bank of America’s 4405 Harding Pike branch, according to police. After leaving Bank of America, he obtained employment at Simmons Bank in the Bellevue area, where police later arrested him.
Richardson is charged with two counts each of financial exploitation of an elderly adult, computer fraud, felony theft, identity theft, and credit card fraud. A judicial commissioner set his bond at $370,000. The charges are accusations and have not been proven in court.
Police Say One Customer Lost $68,400
The first case involved a woman who is now 75 years old. Police said Richardson processed 19 counter withdrawals from her account between July 25, 2025, and Nov. 21, 2025.
Those counter withdrawals totaled more than $60,000. In most of the transactions, police said, the woman was not seen receiving any money from the withdrawals. In a few cases, Richardson could be seen giving her cash, but usually much less than the amount withdrawn.
Police also accused Richardson of making 11 unauthorized ATM withdrawals from the woman’s account between Sept. 12, 2025, and Oct. 8, 2025. Those ATM withdrawals totaled $8,000.
Her loss was calculated at $68,400, according to MNPD.
A Second Customer Lost Nearly $70,932 Over Four Years
Later in February, MNPD’s Fraud Unit received a referral from Adult Protective Services involving an 86-year-old Bank of America customer.
Detectives determined that Richardson began working at the Harding Pike branch in early 2022 and soon developed a personal friendship with the woman, police said.
Police said Richardson conducted more than 100 unauthorized transactions from the woman’s account between April 11, 2022, and April 13, 2026. The transactions included ATM withdrawals, branch cash withdrawals, debit-card use, and Zelle transfers.
The total loss in that case was nearly $70,932, according to MNPD.
Police Say the Withdrawals Continued After He Left Bank of America
Richardson left Bank of America in November 2025, according to MNPD. Police said he continued making unauthorized withdrawals from the 86-year-old victim’s accounts after he no longer worked there.
Those withdrawals totaled $4,500 between Jan. 1, 2026, and April 13, 2026.
After leaving Bank of America, Richardson got a job at Simmons Bank in Bellevue. Police said the 86-year-old victim’s family reported that Richardson instructed her to visit his new branch, where he opened an account in her name.
The woman’s son closed that account before any transactions occurred, according to MNPD.
The Warning Signs Were Repeated Withdrawals and a New Account
The reported transactions included repeated counter withdrawals, ATM withdrawals, debit-card activity, Zelle transfers, and a new bank account opened after Richardson moved to another employer.
For families helping an older adult watch their accounts, those are the details to look for: repeated cash withdrawals, unfamiliar ATM activity, unexplained debit-card purchases, new Zelle transfers, missing statements, sudden new accounts, or a trusted worker becoming unusually involved in financial decisions.
Older customers can use account alerts, review statements with a trusted relative or adviser, and ask a branch manager for written documentation before opening a new account or moving money at the request of one employee.
Tennessee Residents Can Report Suspected Elder Financial Exploitation
The Tennessee Department of Financial Institutions says elder financial exploitation can involve the illegal or improper use of an older adult’s funds, property, or assets.
The department says warning signs can include unpaid bills, missing money, unusual bank activity, new names on accounts, sudden changes in financial habits, or an older adult being isolated from family and friends.
Anyone who suspects elder financial exploitation should contact the financial institution, request transaction records, freeze or close compromised cards, change online banking credentials, and report the concern to Adult Protective Services or law enforcement.
In Tennessee, suspected abuse, neglect, or exploitation of an adult can be reported to the Tennessee Department of Human Services Adult Protective Services Unit. If there is immediate danger or an active theft, call local police first.