NASHVILLE, Tenn. - A Nashville banking case is serving as a reminder for families, caregivers and account holders to keep a close eye on financial activity, especially when large balances are involved or when elderly adults rely on others for help with banking.

Metro Nashville Police say a four-month investigation into embezzlement allegations against former Bank of America employee Karl Stephen Richardson led to his arrest on ten criminal counts. Richardson is accused of stealing more than $139,000 from the accounts of two elderly customers.

Richardson has been charged with two counts of financial exploitation of an elderly adult, two counts of computer fraud, two counts of felony theft, two counts of identity theft and two counts of credit card fraud.

The MNPD Fraud Unit began investigating Richardson on February 6 after receiving a complaint from Bank of America, his former employer. Police say Richardson worked at the bank’s 4405 Harding Pike branch in Nashville.

In one case, Richardson is accused of processing 19 counter withdrawals from the account of a now 75-year-old woman between July 25, 2025, and November 21, 2025. Those withdrawals totaled more than $60,000.

Investigators said that in most of the transactions, the victim was not seen receiving any money from the withdrawals. In a few instances, Richardson could reportedly be seen giving the woman cash, but police said the amount was typically far less than the total withdrawal being processed.

Authorities also allege Richardson made 11 unauthorized ATM withdrawals from the same woman’s account between September 12, 2025, and October 8, 2025. Those ATM withdrawals totaled $8,000. Her total loss was calculated at $68,400.

Later in February, the Fraud Unit received a referral from Adult Protective Services involving a second elderly Bank of America customer. In that case, an 86-year-old woman was allegedly out tens of thousands of dollars due to unauthorized account activity tied to Richardson.

Detectives said Richardson began working at the Harding Pike branch in early 2022 and soon afterward developed what was described as a personal friendship with the 86-year-old victim. Investigators allege he conducted more than 100 unauthorized transactions involving her accounts between April 11, 2022, and April 13, 2026.

Those transactions allegedly included ATM withdrawals, branch cash withdrawals, debit card use and Zelle transfers. Police said the total in that case reached nearly $70,932.

Richardson left Bank of America in November 2025. However, investigators allege the unauthorized activity did not stop when his employment ended. Police said Richardson is accused of continuing to make withdrawals from the 86-year-old victim’s accounts between January 1, 2026, and April 13, 2026, totaling $4,500.

After leaving Bank of America, Richardson obtained employment with Simmons Bank in the Bellevue area. According to the victim’s family, Richardson instructed the 86-year-old woman to visit his new branch, where he opened an account in her name. Police said the victim’s son closed that account before any transactions occurred.

Richardson was arrested while working at Simmons Bank.

While the amount allegedly taken from the victims’ accounts did not exceed the level generally covered by federal deposit insurance, the case highlights a different kind of risk for customers: unauthorized access, exploitation and improper withdrawals by someone trusted with financial information.

Consumer advocates often encourage families to regularly review bank statements, watch for unfamiliar ATM or debit card activity, set up account alerts and consider involving a trusted relative or financial professional when elderly adults begin receiving help with banking. Unusual withdrawals, repeated cash transactions or new accounts opened without a clear purpose can all be warning signs.

A judicial commissioner set Richardson’s bond at $370,000.

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