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Ronald Charles Reed, Bank Fraud, Los Angeles CA, 2017
LOS ANGELES – A brazen bank fraud scheme that saw the pilfering of over half a million dollars from Wells Fargo customers has landed its ringleader in federal prison. Ronald Charles Reed, 70, of Inglewood, was sentenced to 89 months – over seven years – today for masterminding the operation, which relied on the complicity of rogue Wells Fargo employees.
The scheme, spanning 2013 and 2014, involved Reed recruiting four Wells Fargo insiders who illegally accessed customer account data. This data – dates of birth, account numbers, driver’s license numbers, and Social Security numbers – was then sold to “runners” who impersonated account holders and drained funds. The total loss to Wells Fargo tallied $580,000, spread across 75 victim accounts. Reed, also known as “Disco Ronnie,” admitted to the fraud and aggravated identity theft in a March 2016 plea.
The runners, equipped with fake IDs, didn’t just make cash withdrawals. They also deposited worthless checks into customer accounts, then immediately siphoned off the funds. The fraudulent activity wasn’t confined to Southern California; branches in Minnesota and Nevada were also targeted. Reed attempted to expand the operation to U.S. Bank in 2014, but unwittingly tried to use information from accounts supplied by a confidential informant working with law enforcement, resulting in a loss of $12,000 from two undercover accounts.
U.S. Attorney Eileen M. Decker emphasized Reed’s history of fraud, noting a previous five-year federal prison sentence for a counterfeit credit card case. “This defendant has a lengthy criminal history… In the process of committing these crimes, he stole the identities and bank account funds from innocent people, creating unnecessary havoc in their lives,” Decker stated. Judge Fernando M. Olguin ordered Reed to pay $580,332 in restitution to Wells Fargo.
The U.S. Secret Service, leading the investigation with the FBI, is keen to emphasize the message sent by the sentencing. “Fraud ringleaders should be deterred by the strong hand of justice delivered in today’s sentence,” said Rob Savage, Special Agent in Charge of the Secret Service’s Los Angeles Field Office. Deirdre Fike, Assistant Director in Charge of the FBI’s Los Angeles Field Office, added that Reed “mercilessly exposed sensitive information…violating his victims personal and financial security.”
While Reed is behind bars, the investigation continues. The “runners” who executed the withdrawals remain unidentified, and authorities are urging anyone with information to contact FBI Special Agent Watkin. The former Wells Fargo employees who aided Reed have all pleaded guilty and are awaiting sentencing, promising further fallout from this elaborate and damaging scheme.
Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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