Le’s 29-Month Prison Sentence for $262,315.15 Bank Fraud Scheme

A Honolulu man has been sentenced to 29 months in federal prison for his role in a $262,315.15 bank fraud scheme.

Phong Duy Le, 49, of Honolulu, was sentenced on May 7, 2024, by Senior United States District Judge Helen Gillmor for bank fraud.

Le had earlier appeared before U.S. Magistrate Judge Kenneth J. Mansfield on April 20, 2023, and pled guilty to a 13-count Indictment. The court found that Le engaged in 19 fraudulent transactions and attempted to obtain $959,870 from financial institutions.

Le’s scheme involved depositing checks and electronic payments into accounts he held, knowing that the deposits were not backed with sufficient funds. He also perpetrated a related "credit bust-out" scheme, which involved applying for and obtaining a credit card from a financial institution and then incurring charges up to the credit limit of the card.

According to the court, Le successfully defrauded the institutions out of $262,315.15. Le told the court he committed the offenses due to a gambling addiction resulting in losses at casinos in Las Vegas.

The investigation was conducted by the Federal Bureau of Investigation. Assistant U.S. Attorney Gregg Paris Yates handled the prosecution.

Le’s sentence is a result of his guilty plea to a 13-count Indictment. His 29-month prison sentence is a reminder of the consequences of committing financial crimes.

The case serves as a warning to those who would engage in similar schemes, and highlights the importance of vigilant law enforcement and prosecution in preventing and combating financial crimes.

As the public continues to grapple with the consequences of financial crimes, it is clear that the justice system will not tolerate such behavior.

Grimy Times will continue to provide in-depth coverage of financial crimes and the impact they have on our communities.