A brazen bank heist has left two New Jersey banks reeling, with a total loss of over $1.5 million.
At the center of the scheme is 21-year-old Chad Brown, a resident of Orange, New Jersey, who pleaded guilty to bank fraud in a Newark federal court.
According to documents filed in the case, Brown and his co-conspirators targeted two victim banks, using stolen information to deceive tellers into crediting funds into customer accounts.
Once the funds were credited, the group used debit cards associated with the accounts to withdraw the cash or purchase postal money orders.
The scheme, which ran from September 2015 through May 2017, left the victim banks with significant losses.
The charge to which Brown pleaded guilty carries a maximum potential penalty of 30 years in prison and a $1 million fine, or twice the gross gain or loss from the offense.
Brown’s sentencing is scheduled for May 15, 2018.
The investigation was led by inspectors of the U.S. Postal Inspection Service, under the direction of Acting Inspector in Charge Ruth M. Mendonca.
The government is represented by Assistant U.S. Attorney Ari Fontecchio of the U.S. Attorney’s Office Criminal Division in Newark.
Chad Brown, 21, pleaded guilty to one count of bank fraud conspiracy. He faces up to 30 years in prison and a $1 million fine.
Defense counsel for Brown is Perry Primavera, Esq., of Hackensack, New Jersey.
The case is a stark reminder of the importance of protecting sensitive financial information and the consequences of falling victim to bank fraud.
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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