Eric Young, 40, of Philadelphia, has been sentenced to three years in prison for his role in a massive bank rip-off scheme that left TD Bank out $268,656.56.
Young and his co-conspirator Calvin Johnson hired individuals to open bank accounts, made phony deposits, and then proceeded to make withdrawals knowing there were insufficient funds. The scheme, which lasted from December 2011 to August 2012, defrauded the banks of more than $250,000.
According to court documents, Young and Johnson’s scheme involved using fake deposits to trick the banks into releasing large sums of money. The duo then used this money for their own gain, leaving behind a trail of debt and financial ruin for the banks.
Young pleaded guilty to conspiracy to commit bank fraud and bank fraud charges. His co-conspirator, Calvin Johnson, is still awaiting sentencing.
The case was investigated by the Bensalem Police Department and the United States Secret Service. Assistant United States Attorney Patrick J. Murray is handling the prosecution.
Young was sentenced to three years in prison, followed by three years of supervised release. He was also ordered to pay a $200 special assessment. The total amount of restitution ordered was $268,656.56, which will be paid to TD Bank.
This case serves as a stark reminder of the devastating impact of white-collar crime on our financial institutions and the individuals who rely on them. The Grimy Times will continue to follow this case and bring you updates as more information becomes available.
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Key Facts
- State: Pennsylvania
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: DOJ Press Release ↗
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