DES MOINES, Iowa – Three of the most notorious figures in a sprawling nationwide bank fraud and money laundering operation have been sentenced to a combined 421 months in federal prison. The defendants, Thaddeus Jerome Lee, Latroy L. Currie, and Johnnie Lee Thomas, orchestrated a scheme that spanned from California to Connecticut, with tendrils extending into numerous states including Iowa.
Over the course of approximately two and a half years, the trio attempted to deposit at least $15 million in stolen checks across various financial institutions across the country. They successfully fleeced these institutions out of at least $2.9 million before being brought to justice. Lee, based in Arizona, and Thomas, from Indiana, were joined by Currie, also an Arizonian, in their criminal enterprise.
The trio not only obtained tens of millions of dollars’ worth of stolen checks but also established numerous fake business entities to facilitate their fraud. They supervised a network of co-conspirators who opened fraudulent accounts and deposited the stolen checks at banks and credit unions across several states. The proceeds were then funneled back to the leaders, who shared them with their collaborators.
Lee was handed down a sentence of 151 months’ imprisonment, Currie and Thomas each received 135 months. All three will serve terms of supervised release post-imprisonment—Lee and Currie for five years, and Thomas for three. Parole is non-existent in the federal system.
Eleven additional co-conspirators were sentenced on similar charges, with sentences ranging from 96 to 421 months. Four others await their sentencing dates. Special Agent in Charge William Steenson of IRS Criminal Investigation’s St. Louis Field Office emphasized the severity of the crime, stating, ‘Stealing checks, money laundering, and bank fraud…these are not victimless crimes.’
The FBI echoed this sentiment, noting that such criminal activity erodes public trust and undermines economic security. The sentences reflect the agencies’ commitment to holding those responsible accountable for their actions.
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Key Facts
- State: Iowa
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Organized Crime
- Source: Official Source ↗
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