Regulatory Alerts2026-03-03
Federal Reserve Board Issues Enforcement Actions Against Former Employees of East Cambridge Savings Bank and United Bank
The Federal Reserve Board issued consent prohibition orders against Jacob Hilton and Klaus Koberstein, former employees of United Bank and East Cambridge Savings Bank. The regulatory actions address Hilton’s embezzlement of bank funds and Koberstein’s misappropriation of customer funds. Both individuals are permanently barred from participating in the affairs of any insured depository institution or associated entity.
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Press Release
March 03, 2026
Federal Reserve Board issues enforcement actions with former employee of East Cambridge Savings Bank and former employee of United Bank
For release at 11:00 a.m. EST
The Federal Reserve Board on Tuesday announced the execution of the enforcement actions listed below:
Consent prohibition order against Jacob Hilton Former employee of United Bank, Fairfax, Virginia Embezzlement of bank funds
Consent prohibition order against Klaus Koberstein Former employee of East Cambridge Savings Bank, Cambridge, Massachusetts Misappropriation of customer funds
Additional enforcement actions can be searched for here .
For media inquiries, please email media@frb.gov or call 202-452-2955.
Attachment 1 (PDF)
Attachment 2 (PDF)
Last Update: March 03, 2026