For years, a small, politically connected bank in Bridgeport ran newspaper ads offering generous interest rates on certificates of deposit that attracted customers from across the city and suburbs who put in millions of dollars.
They had no idea their cash deposits were fueling an embezzlement scheme overseen by John F. Gembara, who was the president, chief executive officer and biggest shareholder of Washington Federal Bank for Savings — until he was found dead in a customer’s bedroom 12 days before federal regulators shut down the family-run bank in December 2017 after discovering massive fraud.
