Quick Answer: Timothy Siverd, a former bank vice president from Webster, NY, was sentenced to over 9 years in federal prison for running two separate fraud schemes — the second one committed while he was awaiting sentencing for the first. He stole over $500,000 from victims through fake real estate deals, then ran a cleaning company that charged customers’ credit cards for services never performed.
Some people get caught committing fraud and learn a lesson. Timothy Siverd got caught committing fraud and decided to commit more fraud — while he was literally waiting to be sentenced for the first scheme.
The First Scheme: Fake Real Estate Deals
In November 2021, Timothy Siverd, then a vice president at Tompkins Community Bank in Webster, New York, convinced two victims to invest in what he described as real estate transactions. The transactions were fraudulent — Siverd pocketed the money.
Here’s the part that makes this particularly cold: Siverd repaid Victim #1 approximately $108,429 — using money he stole from Victim #2. He robbed one person to partially pay back another, creating the illusion of a legitimate return while Victim #2 got nothing.
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The Second Scheme: A Cleaning Company That Cleaned Out Customers
You’d think getting caught for stealing over half a million dollars would be a wake-up call. Instead, between November 2022 and September 2024 — while on supervised release awaiting sentencing for the bank fraud — Siverd launched ROC Scrubby LLC, a residential and commercial cleaning company.
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According to prosecutors, Siverd used the business to run a second fraud scheme:
- Overbilled clients for services that were never performed
- Altered booking information in the company’s software to increase charges
- Fraudulently used customer credit card numbers for unauthorized charges
Pattern Recognition: This type of serial fraud — committing new crimes while awaiting punishment for previous ones — is more common than you’d think. I’ve covered this pattern on my True Crime Cases You Haven’t Heard podcast, where serial fraudsters operate under the assumption they won’t get caught again.
The Sentence
On February 13, 2026, the U.S. District Court for the Western District of New York sentenced Siverd, now 38, to 111 months in federal prison — just over 9 years. He was convicted of two counts of wire fraud and one count of aggravated identity theft.
What This Tells You About Protecting Yourself
There are two important takeaways here, and neither one is “this could never happen to me.”
Red Flags for Financial Fraud
- Unsolicited “investment opportunities” from people you trust professionally
- Promises of guaranteed returns on real estate deals
- Pressure to act quickly before you can verify
- Returns that seem to come suspiciously fast (they may be paid from other victims)
Red Flags for Service Fraud
- Charges on your credit card that don’t match services received
- Billing for appointments you didn’t schedule
- Difficulty reaching the business to dispute charges
- Company won’t provide itemized receipts
Review your credit card statements every month. It takes two minutes. Siverd was able to run his cleaning company scheme for almost two years because people don’t always check what they’re being charged for.
Protect Yourself: If you’ve been the victim of any kind of financial fraud — investment scams, unauthorized charges, identity theft — the Find Your Path quiz can help you figure out what to do next.
When someone steals from you, that’s their failure, not yours. The only question that matters now is: what’s the best path forward for your situation?— Steve Rhode
FAQ
Who is Timothy Siverd and what was he convicted of?
Timothy Siverd, 38, of Webster, New York, was a former vice president at Tompkins Community Bank. He was convicted of two counts of wire fraud and one count of aggravated identity theft for running two separate fraud schemes — fake real estate investments and a cleaning company that charged customers for services never performed.
How much money did Timothy Siverd steal?
In the first scheme, Siverd took $158,429 from one victim and $346,511.55 from another through fake real estate deals — over $500,000 total. The second scheme involved overbilling and unauthorized credit card charges through his cleaning company, ROC Scrubby LLC.
How long is Timothy Siverd’s prison sentence?
Siverd was sentenced to 111 months (approximately 9 years and 3 months) in federal prison on February 13, 2026, by the U.S. District Court for the Western District of New York.
How can I protect myself from investment fraud?
Verify any investment opportunity independently before sending money. Check the person’s credentials with regulators, never invest under pressure, and be skeptical of guaranteed returns. If someone at your bank offers a private investment deal, that’s a major red flag — legitimate investments go through proper channels.
What should I do if I find unauthorized charges on my credit card?
Contact your credit card company immediately to dispute the charges. File a police report if the charges are clearly fraudulent. Review your statements monthly and set up transaction alerts so you catch unauthorized activity quickly.
(Source: U.S. Department of Justice)
Dealing With Debt? Understanding your options is the first step. See how all your debt relief options compare — including ones most sites won’t tell you about. The Find Your Path quiz gives a recommendation based on your actual numbers, and the Scam-O-Meter checks any company’s complaint history before you sign. Federal Reserve research shows bankruptcy filers recover faster than those who don’t file.
