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Georgia Man Sentenced in Bank Fraud Scheme that Exploited Homeless Individuals
PROVIDENCE, R.I. – Jalen Ronald Stanford, a 28-year-old man from Riverdale, GA, was sentenced to two years in federal prison for his role in a bank fraud scheme that targeted homeless individuals in the Providence area, announced United States Attorney Zachary A. Cunha.
According to court documents, Stanford and others created counterfeit checks generally in the amount of $2,000 or more, making them payable to homeless individuals who agreed to be driven to banks in Rhode Island, Massachusetts, Connecticut, and Maine to cash them. These individuals were often paid approximately $100 per check that they successfully cashed.
From October 2018 through February 2021, numerous homeless individuals were arrested at banks throughout the region as they attempted to cash some of the counterfeit checks. A United States Secret Service investigation determined that approximately $677,687 worth of counterfeit checks were presented to banks throughout the four states, causing actual losses to financial institutions of nearly $481,000.
Stanford pled guilty on March 10, 2022, to conspiracy to commit bank fraud. He was sentenced today by U.S. District Court Chief Judge John J. McConnell, Jr., to 24 months in federal prison to be followed by three years of federal supervised release. Stanford was ordered to pay restitution to financial institutions totaling $480,943.71.
The case was prosecuted by Assistant U.S. Attorney Lee H. Vilker. United States Attorney Cunha thanks the Providence and Medway, MA, Police Departments for their assistance in the investigation of this matter.
Stanford’s sentence is a result of his actions that targeted vulnerable individuals in the community. His scheme caused significant financial losses to financial institutions and put his victims at risk of arrest and prosecution.
The Providence community is safer with Stanford behind bars, and we hope that this sentence serves as a warning to others who would engage in similar crimes.
Key Facts
- State: Rhode Island
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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