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Bank Fraudster Sentenced to 26 Months
A Canadian man has been sentenced to 26 months in prison for his role in a brazen bank fraud scheme that swindled US banks out of $36,100.
Mohammed Yassin, 42, of Hamilton, Ontario, was convicted of bank fraud after depositing fraudulent pre-authorized debits into a business bank account at a Key Bank branch in Niagara Falls, New York.
The scheme, which took place between April 2, 2009 and May 8, 2009, saw Yassin deposit false PADS into the account, which purportedly represented money owed to Montsaida, Inc. Key Bank relied on the deposited PADS to calculate the daily cash balance of funds in the Montsaida business checking account.
On May 8, 2009, Yassin withdrew money from the Montsaida account by electronically transmitting funds from the account to bank accounts in Canada. The total amount withdrawn was $29,800.
Yassin was also found to have committed similar fraudulent acts against Bank of America between February 26, 2009, and March 28, 2009.
U.S. Attorney William J. Hochul, Jr. announced the sentencing, which was handed down by U.S. District Court Judge Richard J. Arcara. Yassin was ordered to pay $36,100 in restitution as part of his sentence.
Assistant U.S. Attorney Russell T. Ippolito, Jr. handled the case, which was investigated by the United States Secret Service under the direction of Special Agent in Charge Tracy Gast.
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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