Fraud schemes can be quite lucrative, allowing a person access to hundreds of thousands or even millions of dollars. However, these schemes bilk banks, individuals and corporations out of their hard-earned money. They are not only immoral but also illegal.
A Maryland man was recently sentenced to 27 months in prison for a bank fraud scheme. The 25-year-old man faced his sentencing in the U.S. District Court for the District of Columbia on January 8.
However, this was not the man’s first bank fraud scheme. He had committed money laundering in the past. In 2015, he was sentenced to six months in prison with three years of supervised release for his crime.
However, in early 2018, while on supervised release from his previous money laundering scheme, he conspired with others to defraud Wells Fargo. As part of the conspiracy, the man would travel to Wells Fargo ATMs throughout Maryland, Virginia and the District of Columbia. He deposited bogus checks into accounts belonging to others, which would cause the machines to malfunction. The deposited checks were ultimately dishonored by the banks issuing the checks, but sometimes the holds that Wells Fargo placed on the checks expired before the bank could discover the fraud. This would allow the checks to go through.
The man used Wells Fargo ATMs to deposit a total of 24 fraudulent checks. The value of those checks totaled close to $390,000. The man and his co-conspirators were able to access approximately $144,000 from the accounts before Wells Fargo discovered the fraud. The scheme went on for three months.
In January 2019, the man was charged with bank fraud. He was released but had to abide by certain conditions, such as not committing any additional crimes.
In October 2019, the man faced a grand jury and was charged with nine counts of bank fraud along with an additional nine counts of aggravated identity theft. In January 2020, a grand jury charged him with seven counts of contempt for additional fraudulent conduct he committed while on pretrial release.
The government agreed to a plea agreement, which dismissed all the pending charges against the man. He was sentenced to 27 months in prison. In addition, once he gets out of prison, he must serve three years of supervised release as well as pay back the $144,000 that was defrauded from Wells Fargo.
Many people engage in fraud schemes and they are always caught eventually. While the money can be enticing, it’s best to avoid the penalties that come with bank fraud. You could face state and federal charges, which could result in decades in prison.
If you are facing fraud charges, seek aggressive representation from the Columbia white collar crime lawyers at the Law Offices of Todd K. Mohink, P.A. We will gather evidence in your defense and defend you from the charges you face. Schedule a free consultation with our office today by calling (410) 774-5987 or filling out the online form. We have two offices to serve you.
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Glen Burnie, MD 21061
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Columbia, MD 21044