Most people want one thing: money, and lots of it. It can be hard to legally obtain a lot of money, especially in this economy. That’s one of the reasons why people engage in illegal schemes such as bank fraud and money laundering.
A Maryland man was recently convicted of money laundering by a federal jury. In October, the 35-year-old man from Silver Spring was found guilty of money laundering and conspiracy to commit money laundering after a five-day trial. He was acquitted of a wire fraud charge.
The man was part of a scheme to defraud members of Nymeo Federal Credit Union in Frederick. Another member was a former assistant branch manager for the credit union. She helped steal close to $340,000 from a member’s account. She is currently awaiting sentencing after pleading guilty to one count of conspiracy to commit bank fraud.
The man, woman, and three other people stole cash from credit union members and then engaged in elaborate financial transactions to cover up the scheme. The scheme began in February 2017, when the former assistant branch manager was approached by two men to participate in the fraud scheme. They told her that they had done it before and were not caught. The men promised her $80,000 for her help.
The men persuaded the woman to identify dormant member accounts and provide the personal information about the accounts, such as names, addresses, phone numbers, dates of birth, Social Security numbers, and account numbers.
Another co-conspirator arrived at Nymeo Federal Credit Union’s branch in Gaithersburg and requested a wire transfer in the amount of $327,000 from a credit union member’s account to a Wells Fargo business account. He then withdrew $6,000 from the credit union member’s account.
The same transaction occurred the following month, with the same man requesting an $80,000 wire transfer and $6,000 withdrawal. However, the wire transfer was not authorized because another credit union employee knew that the man was not the real account holder.
The conspirators concealed the funds through transfers and the purchase of motor vehicles. The Maryland man has not yet been sentenced. In 2019, two of the conspirators were sentenced to prison and ordered to pay $339,000 in restitution. The former branch manager and two other conspirators are awaiting sentencing.
Bank fraud can be easy when done in groups. It can be tempting to get involved in such a scheme. However, when a person is caught, the penalties can be harsh, including restitution and many years in prison. A person can be charged at both the state and federal levels.
Bank fraud, money laundering, and other white collar crimes can impact your freedom and financial security for a long time. Seek a solid defense from the Columbia white collar crime lawyers at the Law Offices of Todd K. Mohink, P.A. Schedule a free consultation today. Call (410) 774-5987 or fill out the online form. We have two offices to serve you.
7310 Ritchie Highway, Suite 910
Glen Burnie, MD 21061
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10440 Little Patuxent Parkway,
Columbia, MD 21044