A federal grand jury has indicted six members of an elaborate banking fraud scheme that targeted millions of U.S. accounts.
The racketeering gang conducted a years-long campaign on the savings of hard-working Americans to line their pockets, says the Justice Department report.
“The scheme alleged in the indictment involved an elaborate plot to steal consumers’ hard-earned savings directly from their bank accounts,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division.
Six indicted for banking fraud scheme
The six are as follows, according to the Justice Department, “Henry LoConti, 63, of Chardon, Ohio; John Flynn, 43, of Canada; Shoaib Ahmad, 64, of Canada; Timothy Munoz, 57, of Wilmington, California; Eric Crespin, 61, of Canada; and Lezli St. Hill, 53, of Canada.”
The group conducted multiple fraudulent activities according to the report. They acted in a calculated manner to assault the banking solutions and pockets of Americans through fake services such as cloud hosting.
“Criminals are utilizing technology to devise increasingly sophisticated methods to steal from victims,” said U.S. Attorney Martin Estrada for the Central District of California. “My office will continue to use all available tools to prosecute and apprehend these fraud networks, but I also urge everyone to regularly check your accounts for any unauthorized activity – no matter how small. Prevention is key.”
The six have been charged with wire fraud and racketeering conspiracy, which carry a thirty and twenty-year sentence for each charge respectively.
Inspector in Charge Eric Shen of USPIS’ Criminal Investigations Group was direct in his statement about the six being indicted.
“Dismantling this syndicate, and the arrests and prosecutions of those involved, should send a clear message that fraudulent schemes that exploit innocent victims, many of whom have suffered not only financial losses but also emotional distress and a breach of trust, will not be tolerated.”
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