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Maryland Man Pleads Guilty To Bank Fraud

BankFraud2

Many people try to get ahead financially by engaging in white collar crimes such as fraud. These crimes often involve innocent victims who lose thousands or maybe even millions of dollars.

A bank fraud scheme in Maryland resulted in $124,000 being taken from the accounts of Wells Fargo customers. A 35-year-old man from Hyattsville pled guilty to the scheme in the U.S. District Court for the District of Columbia. He faces sentencing in May.

The scheme began in 2017, in which the man recruited bank employees to make unauthorized withdrawals from customer accounts at Wells Fargo. The bank employees would check the account balances of customers without their knowledge through the use of internal systems.  Those employees would tell the man the names of the customers and their account balances.

The man then sent an accomplice into the bank to pose as a customer. The accomplice would  withdraw the funds without the actual customer’s knowledge. The scheme was done multiple times, allowing the conspirators to defraud the bank of $124,000 in cash and an $80,000 cashier’s check from two bank customers. Wells Fargo was able to detect the theft in time to stop payment of the cashier’s check but the bank incurred losses for the $124,000 in cash that was stolen as part of the scheme.

The man faces multiple penalties for his role in the scheme. In addition to 27 to 33 months in prison, the man faces up to $60,000 in fines as well as a restitution order. In addition, he must pay a forfeiture money judgment in the amount of $124,000.

In November 2020, one of the conspirators, a 30-year-old woman from Upper Marlboro, pled guilty to the crimes. In March 2021, she was sentenced to 15 months in prison.

Types of Bank Fraud

There are many ways in which a person can commit bank fraud. They include the following:

  • Accounting fraud. This involves using fraudulent bookkeeping to inflate profits and make a company seem profitable so they can make false loan applications.
  • Card skimming. This involves stealing credit card information either by manually writing down card numbers or using fake card stripe readers to gain access to card information at ATMs and gas stations.
  • Floating checks. Checks do not clear right away, so they “float” and are counted twice. A fraudster takes advantage of this and writes checks that will not ultimately cash.

Phishing, money laundering, wire transfer fraud, stolen checks, altered checks, and forgery are other common types of fraud.

Contact a Maryland Criminal Defense Attorney Today

While white collar crimes do not physically harm a person, unlike crimes such as assault and murder, they can cause a lot of financial harm. Plus, victims can suffer emotional damages.

If you have been accused of a white collar crime, you need legal help right away. The Columbia white collar crime lawyers at the Law Offices of Todd K. Mohink, P.A. understands the impact of these crimes and will help clear your name. Schedule a free initial consultation by filling out the online form or calling (410) 774-5987. We have two offices to serve you.

Resource:

justice.gov/usao-dc/pr/maryland-man-pleads-guilty-stealing-over-120000-bank-customer-accounts

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