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Pittsburgh Man Guilty of Elaborate Wire Fraud Scheme
A federal jury in Pittsburgh has found 52-year-old Frederick H. Banks guilty of five counts of wire fraud and one count of aggravated identity theft, United States Attorney Scott W. Brady announced today.
Banks was tried before Chief United States District Judge Mark R. Hornak in Pittsburgh, Pennsylvania, after deliberating for just one hour.
According to Assistant United States Attorneys Shaun E. Sweeney and Christopher M. Cook, who prosecuted the case, the evidence presented at trial established that Banks attempted to defraud Forex, a retail foreign exchange company of at least $264,000 in the scheme.
The evidence at trial established that, during a four-week period in 2013, Banks submitted false and fraudulent account applications to Forex in an effort to use those money to kite funds from Forex to Banks’ pre-existing personal bank accounts.
As part of the scheme, Banks used the identity information of a former friend in an effort to fraudulently open a Forex account.
Pending sentencing, Banks will remain in custody. The law provides for a total sentence of 22 years in prison, including a mandatory minimum two years in prison for the identity theft conviction, a fine of $1,000,000, or both.
Banks has multiple prior felony convictions, and the Federal Bureau of Investigation conducted the investigation that led to the prosecution of Frederick H. Banks.
The case is a stark reminder of the importance of protecting personal and financial information from falling into the wrong hands.
Key Facts
- State: Pennsylvania
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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