PHILADELPHIA – In a brazen scheme to rip off unsuspecting bank customers, three New York residents have been charged with conspiracy to commit bank fraud, bank fraud, aggravated identity theft, and aiding and abetting.
Fanchao Zeng, 33, Zhongzhou Lin, 26, and Yanping Li, 32, all of Queens, New York, were arrested and charged by indictment with multiple counts of bank fraud and identity theft. The indictment alleges that the trio and their co-conspirators repeatedly used stolen bank account information to access the home equity line of credit (HELOC) of a bank customer, transfer funds, and then withdraw those funds.
According to the indictment, Zeng and Lin identified bank customers who had HELOCs and submitted fraudulent change of address requests in the HELOC account holders’ names to the Pennsylvania Department of Transportation. They then used the department’s website to request a replacement driver’s license for each HELOC account holder, which was mailed to the new address to which the conspirators had access.
Next, the defendants and their co-conspirators took steps to prepare the funds available from the HELOCs for theft. They made online transfers, created fake business accounts, and even traveled to bank branches to steal the HELOC funds. They had runners, often of the same ethnicity as the HELOC account holders, enter the banks and use the fraudulently obtained replacement driver’s licenses to withdraw funds.
The indictment alleges that the defendants and their co-conspirators often cashed the stolen funds at casinos and gambled with the proceeds. If convicted, Zeng faces a maximum sentence of 131 years in prison, five years of supervised release, and a $5,000,000 fine. Lin faces a maximum sentence of 159 years in prison, five years of supervised release, and a $5,750,000 fine. Li faces a maximum sentence of 101 years in prison, five years of supervised release, and a $4,250,000 fine.
The case was investigated by the FBI and is being prosecuted by Assistant United States Attorney Eric D. Gill. As the investigation continues, one thing is clear: the brazen scheme to defraud bank customers will not be tolerated. The charges and allegations contained in the indictment are merely accusations, and every defendant is presumed innocent unless and until proven guilty in court.
As the Grimy Times continues to expose the dark underbelly of white-collar crime, one thing is certain: these charges are a stark reminder that the rule of law will not be ignored. The FBI and Assistant United States Attorney Eric D. Gill are to be commended for their tireless efforts in bringing these charges to light.
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Key Facts
- State: Pennsylvania
- Agency: DOJ USAO
- Category: White Collar Crime|Fraud & Financial Crimes|Organized Crime
- Source: Official Source ↗
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