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Providence Man Pleads Guilty in Bank Fraud Scheme
A Providence man who participated in a scheme to use stolen banking information to create fraudulent business checks and obtain hundreds of thousands of dollars in bank proceeds has pleaded guilty to conspiracy and bank fraud charges.
Terrence Richardson, 30, pleaded guilty to conspiracy to commit bank fraud and twelve counts of bank fraud.
According to information presented to the court, the scheme began as early as April 2020 and involved creating and depositing counterfeit checks drawn on the accounts of actual businesses. The counterfeit checks were typically deposited into the accounts of individuals, many of whom were solicited through Facebook, in exchange for a cash payment.
Prosecutors stated that numerous fraudulent checks created by members of the conspiracy were deposited and the funds were quickly withdrawn before the checks were deemed counterfeit. Some of the checks deposited were deemed fraudulent before any money was withdrawn.
Richardson is scheduled to be sentenced by U.S. District Court Chief Judge John J. McConnell, Jr., on June 21, 2022.
The case is being prosecuted by Assistant U.S. Attorney Ly T. Chin.
The matter was investigated by the United States Postal Inspection Service, with the assistance of FBI, United States Secret Service, Rhode Island State Police, and the Providence and Bethel CT, Police Departments.
Key Facts
- State: Rhode Island
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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