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Feds: Crew In NJ, NY, Michigan Conned Banks, Merchant Processors Out Of $3.5 Million Feds: Crew In NJ, NY, Michigan Conned Banks, Merchant Processors Out Of $3.5 Million
Feds: Crew In NJ, NY, Michigan Conned Banks, Merchant Processors Out Of $3.5 Million Federal agents arrested five people from New Jersey, New York and Michigan and were searching for two others Monday in connection with a $3.5 million bank fraud. Working together, the defendants defrauded several major banks and electronic merchant processors by creating shell companies that issued checks to one another, U.S. Attorney Craig Carpenito said. They also conducted “fraudulent credit card and debit card transactions between shell companies to fraudulently credit payee accounts and fraudulently overdraw payor accounts,” Carpenito said. The shell companies also issued temporary re…

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by Jerry DeMarco