William Shane Garrow Pleads Guilty to $4.2 Million Scheme

The case of William Shane Garrow—a former Senior Vice President at the Bank of Oklahoma—demonstrates the severe consequences when financial oversight fails. Garrow has pleaded guilty to bank fraud and willfully filing false tax returns, exposing clients to significant financial harm.

If you or someone you know has been impacted by William Shane Garrow or another financial professional, don’t hesitate to reach out to Meyer Wilson today. Our attorneys are experienced in financial advisor misconduct cases and will help to guide you through the process with a free consultation.

Unpacking the Tulsa Bank Fraud Case of William Shane Garrow

Overview of the $4.2 Million Embezzlement

Federal filings indicate that William Shane Garrow (CRD#: 4656104) pleaded guilty in January 2025 to bank fraud and willfully filing false tax returns. From September 2012 to April 2024, Garrow orchestrated a scheme that siphoned more than $4.2 million from at least 16 client accounts. Investigators discovered:

• Unauthorized wire transfers and cashier’s checks redirected into accounts under Garrow’s control.

• Personal use of client funds, including real estate purchases.

• Failure to report stolen income, leading to over $200,000 in unpaid taxes.

• Seized assets totaling $700,092, with authorities seeking further forfeiture, including properties in Bixby and Glenpool.

Garrow’s firing from the Bank of Oklahoma in March 2024 followed the discovery of these unauthorized activities. Court documents show that he directed funds toward personal expenses, such as real estate, while failing to disclose any of this income on his tax returns.

False Tax Returns and Legal Charges

Alongside bank fraud, Garrow admitted to concealing hundreds of thousands of dollars when filing annual tax returns, revealing a clear breach of federal tax laws. By omitting illicit income—more than $592,500 in one year alone—he created a tax debt exceeding $200,000. Possible penalties include up to 30 years in prison for bank fraud and an additional three years for filing false returns. Federal judges often impose restitution requirements and consider cooperation and the losses to victims under U.S. Sentencing Guidelines. This typically means Garrow may be ordered to repay affected clients and surrender assets traced to the scheme.

Garrow’s Employment History and Scope of Fraud

Garrow started at the Bank of Oklahoma in August 2007 and later became a Senior Vice President with access to affluent client portfolios. He also held a license with BOK Financial Securities until April 2024, although the subsidiary reportedly did not host the misappropriated funds. Instead, he routed money from Bank of Oklahoma accounts into personal accounts elsewhere. Over time, he refined a Ponzi-like pattern—using stolen money from new victims to plug gaps in earlier accounts and explain discrepancies.

His fraudulent methods included:

• Falsifying authorizations for wire transfers or cashier’s checks.

• Transferring money between multiple client accounts to disguise shortfalls.

• Providing fabricated explanations to clients who questioned discrepancies.

• Routing funds to personal or third-party accounts for unauthorized use.

Weak institutional oversight allowed this deception to continue for over a decade.

Institutional Oversight and Accountability

How Did The Bank of Oklahoma Fraud Go Unnoticed?

Financial institutions are required to enforce strict oversight measures to prevent fraud. However, Garrow’s position as a Senior Vice President gave him access to client assets with minimal scrutiny. His ability to move large sums without immediate detection suggests supervisory failures, including:

• Delayed response to red flags, allowing fraudulent transfers to continue unchecked.

• Inadequate internal audits, which failed to catch discrepancies in client accounts.

• Insufficient employee monitoring, enabling unauthorized transactions over many years.

Under FINRA Rule 3110, firms must maintain adequate supervision to prevent financial misconduct. If institutions fail in this duty, they may be held accountable for investor losses.

Can Banks Be Held Liable for Financial Advisor Fraud?

Yes, financial institutions can be found liable if they fail to prevent fraud. Consequences may include:

• Legal & Regulatory Penalties: Banks may face fines or lawsuits for negligence.

• Financial Liability to Victims: Courts can order restitution if institutions fail to detect fraud.

• Reputational Damage: Public trust in the bank or brokerage firm can decline, impacting future business.

If you lost money due to Garrow’s fraud, you may have the right to pursue legal action against the institution that failed to prevent it.

How Meyer Wilson Can Help Investors Seek Justice

Garrow’s guilty plea shows the harm that can result when a high-ranking banker exploits lapses in oversight. His conduct also reveals how unchecked embezzlement can continue for years if reviews are not rigorous. Financial institutions may also face repercussions if they fail to uphold robust internal controls.

Recovering after a breach of trust like that of William Shane Garrow can be overwhelming. The experienced attorneys at Meyer Wilson are here to help. With more than 20 years in the industry and over $350 million recovered for our clients, our focus on investment fraud and securities litigation has helped many investors recover their losses. Contact us today for a free consultation to discuss your case and learn how we can assist you in protecting your financial interests.