wrongfully accused and character deformation

My employer has accused me of being involved in criminal fraud of a mortgage co. with a former employee who was terminated. I was taking a promotional position w/ another agency whom my employer contacted and told about this. The position was withdrawn and my employer is keeping me here. I have been questioned twice and they have yet to do anything. Another employee was terminated from his position because his employer believed he was involved. The only evidence they have against me is the woman from the mortgage company, which has since gone bankrupt for bad practices, stating she spoke with a "Sheila". This situation supposedly took place over a year ago. Can I sue them for deformation of my character and have them clean out the negative information from my personnel file? Is there anything I can do??? I am at my wits end. Please help. I live in Pennsylvania

Please....can't anyone help me here? I am running out of time!!

You need to hire an attorney PDQ. Possibly, criminal -- white collar -- banking. Chance are that since this involves a mortgage company -- i.e., federal or state banking laws -- you are in deep do do. You said your employer is "keeping me here." Does that mean you are still working for them? Rest assured, the only reason you have not been fired or arrested is because an investigation is apparently ongoing. Protect yourself and hire an attorney -- remember one thing, it is usually the "little guys" who become the fall guys.