BAYONNE — Brian Campbell, former managing director of Bayonne-based Pamrapo Saving Bank’s investment company, who has been charged with allegedly diverting and embezzling more than $600,000, is scheduled to begin trial on March 8 in federal court in Newark.
Campbell, 41, of Bayonne, was charged last June in a 54-count Indictment with mail fraud and money laundering.
Campbell was the managing director and an employee of Pamrapo Service Corporation, headquartered in Bayonne. The now-defunct Service Corporation was the investment subsidiary of Pamrapo Savings Bank, S.L.A., a savings and loan holding company. The corporation provided securities and investment services – such as the sale of stocks and bonds, mutual funds, annuities, various types of insurance policies and other money management services – to clients for a fee. In addition, the Service Corporation offered insurance products, including variable insurance and annuity products, by and through insurance companies.
The younger Campbell is being accused of diverting money to himself that was supposed to go to the bank’s service corporation as part of securities transactions, such as the purchase, sale and transfer of stocks.