More Suspects Sought in Huge South Carolina Bank Fraud Operation

On Thursday, the Richland County Sheriff’s Department announced that they had uncovered more suspects in a massive bank fraud scheme. Nine suspects have been arrested so far.

The latest investigations into the bank fraud ring uncovered almost 90 individuals who had been recruited to open new bank accounts with TD Bank, Wells Fargo, and Wood Forest Bank in South Carolina. Opening an account cost as little as $100, then accounts were established and a book of starter checks were given to the person who opened the account. Bank fraud ringleaders then used those starter checks to defraud the banks of nearly $100,000 over the past year by writing bad checks and overdrawing accounts at ATMs.

“The recruiters would take it from there and start defrauding the banks, getting lots and lots of money,” Lott said. “When the fraud was discovered, the ringleaders wouldn’t be the ones the bank would go looking for, it’d be the ones who opened the checking account.”

Forty suspects were charged earlier this year regarding the bank fraud scam run on TD Bank, causing the bank to lose about $40,000. However, further investigations into the group led the newly-formed financial fraud unit to discover that only four people were the ringleaders of the bank fraud operation, and those four had recruited former criminals, desperate single parents, college students, and homeless people after promising a cut of the money.

“They were focusing on people who were in financial trouble, students, homeless people, people who needed money and needed it quick,” Lott said.

The fraud investigation unit discovered a scam run against Wells Fargo as well, involving 51 people, nine of whom have been arrested so far. The Richland County Sheriff’s Department seeks 42 others.

“It doesn’t take a rocket scientist to figure out that you don’t go open a checking account, get paid $100 for it, then give that debit card and all the account information to someone else,” Lott said. “You know they’re going to use it. They knew what they were doing. They were just trying to make a quick buck.”

Bank Fraud is a Serious Federal Crime

An arrest for bank fraud is serious and can jeopardize your personal and professional future.  When faced with a charge of bank fraud, you need an experienced bank fraud lawyer who can provide you an aggessive, well planned criminal defense and help you avoid prison time and other criminal penalties.

Common federal bank fraud allegations include:

• making a false statement to a loan officer or bank official
• deceiving a bank
• falsifying loan documents
• check fraud
• forging check signatures
• ATM fraud
• Embezzlement

Federal bank fraud cases can also center on the wiring of money or information used to deceive individuals, businesses, or customers.

The Strom Law Firm Can Help with Bank Fraud Charges

If you face wire fraud, bank fraud, or other federal charges, the Columbia, SC attorneys at the Strom Law Firm can help. We offer free, confidential consultations to discuss the facts of your case, so do not hesitate to contact us. 803.252.4800