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Arizona Man Arrested for Bank Fraud and Money Laundering
A federal grand jury has indicted a Tempe, Arizona, man for Conspiracy to Commit Bank Fraud and Conspiracy to Launder Monetary Instruments.
Emilio Herrera, age 22, was indicted in September of 2022. He appeared before U.S. Magistrate Judge Mark A. Moreno on December 1, 2022, and pleaded not guilty to the Superseding Indictment.
The maximum penalty upon conviction is up to 30 years in custody for Bank Fraud Conspiracy, 20 years in custody for Money Laundering Conspiracy, and/or a $250,000 fine, three years of supervised release, and $100 to the Federal Crime Victims Fund. Restitution and forfeiture may also be ordered.
According to the Superseding Indictment, in 2020 and continuing until April 2022, Herrera, along with his co-conspirators, agreed to knowingly conduct and attempt to conduct bank fraud and associated financial transactions, including money laundering. Herrera’s and his co-conspirators’ conduct adversely impacted financial institutions throughout the Sioux Falls area and elsewhere, including, but not limited to, First Premier Bank, Wells Fargo Bank, Levo Credit Union, First National Bank, First Bank and Trust, U.S. Bank, American Bank and Trust, American State Bank, Navy Federal Credit Union, Pima Federal Credit Union, JP Morgan Chase, and Security National Bank of South Dakota.
The charges are merely accusations and Herrera is presumed innocent until and unless proven guilty.
Herrera was released pending trial. A trial date of February 7, 2023, has been set. The investigation is being conducted by IRS Criminal Investigation, Homeland Security Investigations, Sioux Falls Police Department, SD Highway Patrol, and the U.S. Postal Service. Assistant U.S. Attorney Jeremy R. Jehangiri is prosecuting the case.
Defendant: Emilio Herrera
Criminal Charges: Conspiracy to Commit Bank Fraud and Conspiracy to Launder Monetary Instruments
City and State: Sioux Falls, South Dakota
Date: Indicted in September of 2022
Sentence or Outcome: Released pending trial
Dollar Amounts: Up to $250,000 fine, $100 to the Federal Crime Victims Fund
Key Facts
- State: South Dakota
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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