Bridgeport Bank Scammer Ronald Boyd Caught, Sentenced to 27 Months

A Bridgeport man has been brought to justice for running a bank fraud scheme, recruiting unsuspecting individuals to open bank accounts, depositing counterfeit checks, and withdrawing cash.

Ronald Boyd, 38, was sentenced to 27 months of imprisonment, followed by three years of supervised release, for operating a bank fraud scheme, announced Vanessa Roberts Avery, United States Attorney for the District of Connecticut.

According to court documents and statements made in court, between November 2021 and April 2022, Boyd and others recruited individuals, known as ‘runners,’ to open bank accounts at Newtown Savings Bank.

Boyd and his cohorts then used the bank accounts to conduct transactions so that the accounts appeared legitimate, known as ‘seasoning’ the account.

He deposited into the runners’ accounts counterfeit checks, as well as checks that were stolen from the U.S. Mail with the original payee and amount information ‘washed’ and altered.

Boyd often obtained the illegitimate checks from other coconspirators and either provided the checks to the runners for deposit into their Newtown Savings Bank accounts, or he made the deposits himself through ATM transactions and through mobile deposits.

He then withdrew money from the accounts using a runner’s debit card to make purchases and obtain cash back, or to conduct ATM and in-branch withdrawals.

Boyd has been detained since May 8, 2023, when he was arrested on unrelated state charges.

On March 8, 2024, he pleaded guilty in federal court to conspiracy to commit bank fraud.

This matter was investigated by the U.S. Postal Inspection Service and was prosecuted by Assistant U.S. Attorney Robert S. Dearington.