Jaime Walsh, Bank Fraud, Tennessee 2021

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Crime Boss Sentenced to 7.3 Years for Bank Fraud Scheme

A Memphis man has been brought to justice for a brazen bank fraud scheme that swindled over $240,000 from unsuspecting nonprofits. Jaime Walsh, 53, was sentenced to 78 months in federal prison for one count of bank fraud.

According to court documents, Walsh perpetrated the scheme between June 2013 and March 2019, targeting over 100 entities, including charities, churches, and environmental groups. The scheme involved making online donations to the organizations, only to request refunds for the majority of the amount, and then withdrawing the funds from his account.

The original donation would be rejected due to insufficient funds, resulting in the targeted organization losing the refunded amount. Walsh’s scheme successfully swindled victims out of $241,397.33, with a total attempted loss of $863,736.69.

On March 2, 2021, Walsh pleaded guilty to bank fraud, paving the way for his sentencing. U.S. District Judge Mark S. Norris handed down the 78-month prison sentence, to be followed by three years of supervised release.

Walsh was also ordered to pay restitution to the victims in the amount of $203,840.70 and a money judgment for $241,397.33 was entered against him. The case was investigated by the U.S. Postal Inspection Service, Tennessee Highway Patrol, U.S. Secret Service, and the Peace Corps Office of the Inspector General.

Assistant U.S. Attorney Scott Smith prosecuted the case on behalf of the government, bringing Walsh to justice for his crimes. The sentence serves as a warning to others who would seek to exploit nonprofits and charitable organizations for their own gain.

The investigation and prosecution of Walsh’s case is a testament to the dedication of law enforcement agencies and prosecutors in holding accountable those who would commit financial crimes.

Walsh’s sentencing brings an end to a scheme that targeted some of the most vulnerable organizations in our community, and we are grateful for the hard work of those involved in bringing him to justice.