NASHVILLE, Tenn. — A former Bank of America employee has been arrested following a four-month investigation into allegations that he stole more than $139,000 from two elderly customers’ bank accounts.
According to the Metro Nashville Police Department, Karl Stephen Richardson was arrested Thursday afternoon while working at a Simmons Bank branch in the Bellevue area.
Richardson is charged with two counts each of financial exploitation of an elderly adult, computer fraud, felony theft, identity theft, and credit card fraud.
The investigation began on Feb. 6 after the Metro Nashville Police Department’s Fraud Unit received a complaint from Bank of America, where Richardson previously worked at the branch located at 4405 Harding Pike in Nashville.
Investigators allege Richardson stole approximately $68,400 from a woman who is now 75 years old. Between July 25 and Nov. 21, 2025, he is accused of processing 19 counter withdrawals totaling more than $60,000 from her account. Detectives said surveillance video showed the victim often did not receive any of the withdrawn money, and in some cases received only a small portion of the cash.
Police also allege Richardson made 11 unauthorized ATM withdrawals totaling $8,000 from the woman’s account between Sept. 12 and Oct. 8, 2025.
Later in February, detectives received a referral from Adult Protective Services involving an 86-year-old Bank of America customer.
According to investigators, Richardson developed a personal relationship with the woman after he began working at the Harding Pike branch in early 2022. Detectives allege he carried out more than 100 unauthorized transactions, including ATM withdrawals, branch cash withdrawals, debit card purchases, and Zelle transfers, totaling nearly $70,932 between April 11, 2022, and April 13, 2026.
Although Richardson left Bank of America in November 2025, investigators say he continued making unauthorized withdrawals from the woman’s accounts, stealing an additional $4,500 between Jan. 1 and April 13, 2026.
After leaving Bank of America, Richardson was hired by Simmons Bank in Bellevue. According to the victim’s family, he encouraged the woman to visit his new branch, where he opened a bank account in her name. Her son later closed the account before any transactions occurred.
Richardson was taken into custody at the Simmons Bank branch where he was employed.
A judicial commissioner set his bond at $370,000.
The investigation remains ongoing.
