Hammond’s grim halls echoed with a conviction this week as Oliver Coverson, 41, of Calumet City, Illinois, was handed a 96-month sentence by United States District Court Judge Philip P. Simon for masterminding a multimillion-dollar bank fraud scheme.
Coverson pleaded guilty to one count of Conspiracy to Commit Bank Fraud and one count of Aggravated Identity Theft, according to United States Attorney Clifford D. Johnson. The judge’s order also mandates 2 years of supervised release and restitution of $1,013,543.86 to the victims.
Unraveling from May 2019 through December 2020, Coverson orchestrated a sinister scheme that defrauded over $3.3 million from 17 stolen business checks. He and his co-conspirators fictitiously registered corporations with both Indiana and Illinois Secretaries of State, then opened fraudulent bank accounts to deposit the pilfered checks. His deceitful actions were directly tied to the loss of $1,013,543.86 to numerous banks and businesses.
This sordid tale was meticulously investigated by the United States Postal Inspection Service, with substantial support from the Federal Bureau of Investigation, the Federal Deposit Insurance Corporation, the Office of Inspector General, and the Lake County Sheriff’s Office. Assistant United States Attorneys Abizer Zanzi and Zachary D. Heater brought justice to Coverson’s victims.
Coverson’s sentence underscores the severity of financial crimes in today’s digital age and serves as a stern warning for those who think they can manipulate the system with fraudulent enterprises.
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Key Facts
- State: Indiana
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime|Organized Crime
- Source: Official Source ↗
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