Former Bank of America executive, husband accused of embezzlement

A former Bank of America executive, her husband, and an associate allegedly embezzled about $2.7 million from the bank in an elaborate kickback scheme that ensnared several Boston and Atlanta nonprofits, according to the US attorney’s office.

Federal investigators allege that from 2010 to 2015, Palestine “Pam” Ace, 45, then a senior vice president in the Global Wealth & Investment Management division in Boston, fraudulently diverted money from the bank’s marketing budget to nonprofits, most of which were unaware of the scheme.

As a condition of a donation, Ace’s husband, Jonathan, 46, and Brianna Alexis Forde, 35, of Boston, demanded that the nonprofits give them a percentage of the money. In one case, Jonathan Ace threatened to release embarrassing photos and recordings of a nonprofit’s founder if he didn’t get a larger cut of the donation.

Read on.

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