The Nation - News from May 18, 1988

First National Bank of Chicago announced it had thwarted an employee’s attempt to embezzle $70 million through wire transfers, or the computerized movement of money. The nation’s 10th-largest bank said that the FBI had taken charge of the investigation. A bank spokesman could not say if the employee involved had been charged. A bank source, who refused to be identified, said three accounts, including one belonging to the investment firm Merrill Lynch & Co., were affected, but none lost any money. Merrill Lynch reportedly discovered a discrepancy in its account and alerted the bank.