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Three Queens Residents Charged in Massive Bank Heist
Grimy Times has learned that three New York residents have been charged with conspiracy to commit bank fraud and aggravated identity theft in a massive scheme to impersonate and defraud bank customers.
According to court documents, Fanchao Zeng, 33, Zhongzhou Lin, 26, and Yanping Li, 32, all of Queens, New York, used stolen bank account information and fraudulently obtained driver’s licenses to access the home equity line of credit (“HELOC”) of numerous bank customers. They then transferred funds from the HELOCs to accounts they controlled and withdrew those funds.
The indictment alleges that the defendants and their co-conspirators 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 used the department’s website to request replacement driver’s licenses, which were mailed to the new addresses they had access to.
The defendants and their co-conspirators then took steps to prepare the funds available from the HELOCs for theft, including making online transfers, creating fake business accounts, and transferring funds via phone-initiated transfer requests or in-person visits to bank branches.
After these steps, the defendants and their co-conspirators traveled to branches of the defrauded banks to steal the HELOC funds. They used fraudulently obtained replacement driver’s licenses and had individuals of the same ethnicity as the HELOC account holders enter these banks to withdraw funds belonging to the HELOC account holders.
If convicted, Zeng faces a maximum possible sentence of 131 years in prison, five years of supervised release, and a $5,000,000 fine. Lin faces a maximum possible sentence of 159 years in prison, five years of supervised release, and a $5,750,000 fine. Li faces a maximum possible 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. The charges and allegations contained in the indictment are merely accusations and every defendant is presumed to be innocent unless and until proven guilty in court.
Key Facts
- State: Pennsylvania
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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