JACKSONVILLE, FL – Eugene Stephan Cole, 30, of Tampa, is facing serious federal charges after allegedly running a counterfeit credit card operation. Cole was indicted on counts of possession of credit card manufacturing equipment and the production of counterfeit credit cards, according to an announcement made by United States Attorney Maria Chapa Lopez.
Federal investigators say Cole was found to be in possession of the tools of the trade on March 4, 2020. The indictment details an array of equipment seized, including a credit card encoder/recoder, a card embosser, an Apple iPad, and multiple Apple iPhones – all allegedly used to create fraudulent payment cards. The scope of the operation, and the extent of the financial damage, remains under investigation.
If convicted on both counts, Cole could receive a maximum sentence of 25 years in federal prison. Beyond incarceration, the U.S. Attorney’s Office has signaled its intent to pursue forfeiture of all equipment and computer media linked to the counterfeiting operation. This includes the iPad and iPhones, effectively seizing the tools used to commit the crime.
Cole was arraigned in federal court in Jacksonville earlier today, entering a plea of not guilty. A trial date has been set for March 1, 2021, where prosecutors will present evidence gathered by the U.S. Secret Service (Jacksonville Field Office) and the Florida Highway Patrol, the agencies spearheading the investigation. Assistant United States Attorney Kevin C. Frein will be prosecuting the case.
The Secret Service, often known for protecting dignitaries, maintains a significant focus on financial crimes, including counterfeit currency and credit card fraud. This case underscores that commitment, and the agency’s willingness to pursue those who exploit the financial system. The Florida Highway Patrol’s involvement suggests a possible link between the operation and interstate trafficking, though details remain sealed.
It’s crucial to remember that an indictment is simply a formal accusation. Cole is presumed innocent until proven guilty beyond a reasonable doubt in a court of law. However, the charges are serious, and a conviction could result in a lengthy prison sentence and significant financial penalties. The Grimy Times will continue to follow this case and report on any developments.
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Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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