Nashville Banker Arrested for Allegedly Stealing Thousands of Dollars from Two Elderly Customers

Four months of investigation into embezzlement allegations against Nashville banker Karl Stephen Richardson resulted in Richardson's arrest late this afternoon on ten criminal counts that accuse him of stealing more than $139,000 from the accounts of two elderly customers.

Richardson is 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's Fraud Unit began its investigation of Richardson on February 6 after receiving a complaint from Bank of America, his former employer. Richardson worked at the bank's 4405 Harding Pike branch.

In the case of a now 75-year-old female victim, Richardson is accused of processing 19 counter withdrawals totaling more than $60,000 between July 25, 2025, and November 21, 2025. In the majority of those transactions, the victim was not seen receiving any money from the withdrawals. In a few, Richardson could be seen giving the victim cash, but typically much less than the actual withdrawal amount. Additionally, Richardson is accused of making eleven unauthorized ATM withdrawals totaling $8,000 from the victim's account between September 12, 2025, and October 8, 2025. Her loss was calculated to be $68,400.

Later in February, the Fraud Unit received a referral from Adult Protective Services alleging that an 86-year-old female Bank of America customer was out tens of thousands of dollars due to Richardson making unauthorized withdrawals from her account, this time over a four-year period. Detectives determined that Richardson began working at the Harding Pike branch in early 2022, and soon thereafter, developed a personal friendship with the now 86-year-old. Richardson is alleged to have conducted more than 100 unauthorized transactions (including ATM withdrawals, branch cash withdrawals, debit card use, and Zelle transfers) totaling nearly $70,932 between April 11, 2022, and April 13, 2026.

Richardson left the bank in November 2025. Despite no longer being employed there, Richardson allegedly continued making unauthorized withdrawals from the victim's accounts totaling $4,500 between January 1, 2026, and April 13, 2026.

Following his departure from Bank of America, Richardson obtained employment at Simmons Bank in the Bellevue area. According to the victim's family, he instructed her to visit his new branch, where he opened an account in her name. The victim's son closed the account before any transactions occurred. Richardson was arrested today while working at Simmons Bank.

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