NYPD Detective Michael Bonanno Charged in $1.4M Bank Fraud Scheme

Feds say NYPD Detective Michael Bonanno, 44, of Staten Island, used stolen bank account numbers to funnel hundreds of thousands of dollars into his own pockets — paying off his mortgage and credit card debt while wearing a badge. Bonanno was arrested this morning at his home and charged in Manhattan federal court with bank fraud, conspiracy to commit bank fraud, and aggravated identity theft, capping a secret investigation into a cop who turned thief.

According to court documents unsealed today, Bonanno and an unnamed co-conspirator orchestrated a scheme from November 2016 to March 2017 that involved unauthorized wire transfers and forged checks pulled from the accounts of unsuspecting New Yorkers. They attempted to steal approximately $1,457,642 through fraudulent transfers, and successfully deposited about $68,900 by cashing counterfeit checks into accounts Bonanno controlled.

Bonanno was assigned to the NYPD’s Crime Stoppers unit — the very division tasked with chasing down anonymous tips on criminal activity. Instead, prosecutors allege, he exploited his position to betray the public trust, using stolen financial data to cover his own mounting debts. U.S. Attorney Geoffrey S. Berman didn’t mince words: “Bonanno betrayed the public that he swore to protect.”

FBI Assistant Director William F. Sweeney Jr. hammered the hypocrisy: “Plain and simple, Michael Bonanno allegedly used other people’s money to pay off his debts while simultaneously serving as a police officer, charged with investigating criminal wrongdoing.” He added the FBI doesn’t give pass to law enforcement — “we won’t allow members of the law enforcement community to get away with them either.”

NYPD Commissioner James P. O’Neill confirmed the department’s Internal Affairs Bureau worked hand-in-hand with the FBI to expose the corruption. “I want to commend the dedicated investigators,” O’Neill said, stressing that no badge shields anyone from accountability. Bonanno is expected to appear before Magistrate Judge Debra Freeman today in lower Manhattan.

The charges — one count each of bank fraud and conspiracy to commit bank fraud — carry a maximum of 30 years in prison apiece; the aggravated identity theft count comes with a mandatory two-year sentence. The case is being prosecuted by the Southern District’s Public Corruption Unit, with Assistant U.S. Attorneys Nicolas Roos and Danielle R. Sassoon leading the charge. As with all federal cases, Bonanno is presumed innocent until proven guilty.

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