Eric Young, Bank Fraud, Pennsylvania 2012

Grimy Times Exclusive

Philadelphia, PA – In a shocking turn of events, two Philadelphia men have been charged with a string of bank fraud conspiracies that have left local banks reeling. Eric Young, 39, and Calvin Johnson, 41, both of Philadelphia, Pennsylvania, were charged today by Indictment with one count of conspiracy to commit bank fraud and one count of bank fraud, announced United States Attorney Zane David Memeger.

According to the indictment, Young and Johnson ran a scheme in which they hired individuals to open bank accounts, made phony deposits, and made withdrawals from the accounts knowing there were insufficient funds. The indictment alleges that the defendants defrauded the banks of more than $100,000 between December 2011 and August 2012.

Investigations conducted by the Bensalem Police Department and the United States Secret Service shed light on the sophisticated scheme, which was carried out over the course of nearly a year. The sheer scale of the operation has left many questioning how such a large sum of money could be embezzled without detection.

Young and Johnson each face a maximum possible sentence of 35 years imprisonment, a five-year period of supervised release, a fine of up to $1.25 million, a $200 special assessment, and full restitution if convicted on all counts.

Assistant United States Attorney Patrick J. Murray is handling the prosecution of this case. The indictment is a sobering reminder of the importance of vigilance in the banking industry and the dire consequences of such heinous crimes.

The case serves as a stark warning to those who would seek to exploit the financial system for their own gain. As the investigation continues to unfold, it remains to be seen whether Young and Johnson will face the full weight of the law.

Defendant Information:

Defendant: Eric Young, Calvin Johnson

City and State: Philadelphia, Pennsylvania

Exact Date: December 2011 – August 2012

Criminal Charges: Conspiracy to commit bank fraud, Bank fraud

Sentence: Maximum possible sentence of 35 years imprisonment, a five-year period of supervised release, a fine of up to $1.25 million, a $200 special assessment, and full restitution

Dollar Amount: Over $100,000

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