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Bank Fraud Schemes Land Bladensburg Man 14+ Years Behind Bars
A Bladensburg man has been sentenced to over 14 years in prison for his role in a massive bank fraud scheme that spanned years and netted hundreds of thousands of dollars in stolen funds.
Lateef Akande, 36, was handed a 175-month prison sentence by U.S. District Judge Roger W. Titus, followed by five years of supervised release. The judge also ordered Akande to pay restitution of $418,042.58.
According to his plea agreement, Akande and his co-conspirators recruited individuals to provide personal bank information, allowing them to deposit third-party checks into those accounts. They would then withdraw the funds, leaving the account holders with the loss.
One example of the scheme’s brazen nature was highlighted in court documents, where Akande opened a bank account in the name of Tyrone Jackson and deposited a check for $29,750.90, drawn on the account of a victim. The check was marked as a "Tax Refund" on the memo line, but was actually a stolen check.
Akande’s scheme netted a total loss of $1,798,456.30, according to his plea agreement.
U.S. Attorney Rod J. Rosenstein praised the Secret Service and U.S. Postal Inspection Service for their work in investigating the case. "Their tireless efforts have brought a perpetrator to justice," Rosenstein said.
The case is part of President Obama’s Financial Fraud Enforcement Task Force’s efforts to combat financial crimes. Since its formation in 2009, the task force has filed over 12,841 financial fraud cases against nearly 18,737 defendants.
RELATED: Bank Fraud Ring Busted
RELATED: Tax Fraud Queen Gets 25 Months: NC Scheme Nets $2M+
Key Facts
- State: Maryland
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release —
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