SHERMAN, TX – A brazen scheme to siphon funds from unsuspecting homeowners landed Noble Nwachukwu, 26, of Wylie, Texas, a 15-month federal prison sentence today. U.S. District Judge Amos L. Mazzant handed down the punishment after Nwachukwu pleaded guilty in October 2019 to conspiracy to commit bank fraud. The court also ordered him to forfeit $56,921.40 – what little remained of his ill-gotten gains.
The case unfolded after law enforcement officers pulled Nwachukwu over in January 2019 and discovered $18,960 in cash stuffed in his vehicle. A subsequent search of his phone exposed a meticulously crafted fraud: the cashing of fraudulent checks drawn on Key Bank Home Equity Lines of Credit (HELOC) belonging to victims he didn’t know. The scheme involved depositing these stolen checks into an account shared with an accomplice, Chijioke Maduewesi.
Prosecutors detailed how Nwachukwu and Maduewesi deposited three checks in total. The first, for $29,900, was flagged by the bank and the funds frozen. They weren’t deterred. A second check, for $37,900, saw $37,200 withdrawn in cold, hard cash before the scheme could be fully shut down. A third check, also for $37,200, was deposited but thankfully intercepted by the bank before the duo could access the funds.
“An act of fraud against a FDIC-insured banking institution is ultimately a fraud on the American taxpayer,” declared Acting U.S. Attorney Nicholas J. Ganjei. “EDTX, along with its federal and local law enforcement partners, will do whatever it takes to keep our local financial institutions free from fraud and other criminal opportunism.” Ganjei’s statement underscores the federal government’s commitment to protecting financial institutions and the public from these types of predatory schemes.
The investigation, a joint effort between the U.S. Secret Service and the Wylie Police Department, built a solid case against Nwachukwu and Maduewesi. They were indicted by a federal grand jury on July 9, 2019. While Nwachukwu is now facing the consequences, his partner in crime, Chijioke Maduewesi, pleaded guilty on July 29, 2021, and awaits his own sentencing hearing. Assistant U.S. Attorney Kevin McClendon prosecuted the case.
This case serves as a stark reminder that even seemingly sophisticated financial crimes will be pursued relentlessly by law enforcement. The Secret Service, traditionally known for protecting dignitaries, plays a critical role in combating financial crimes that threaten the stability of the U.S. financial system. The investigation continues to assess if this scheme was part of a larger operation, and whether other victims or accomplices are involved.
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Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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