Two LA Men Face 30 Years for Instagram Bank Heist

LOS ANGELES – $2.7 MILLION HEIST

Two Los Angeles men, Carlos Corona, 36, of South Los Angeles, and Jose Luis Edeza Jr., 31, of Sunland, pleaded guilty to federal charges for defrauding banks and credit unions out of at least $2.7 million in a brazen bank heist using Instagram.

The scheme, carried out from October 2020 to August 2023, involved Corona, Edeza, and other co-conspirators using third-party bank accounts and stolen checks. The stolen checks were taken from the U.S. mail stream, including post office mail collection boxes.

Corona, Edeza, and their accomplices then solicited bank account holders through Instagram, promising a cut of any fraudulent funds deposited into their accounts. The bank account holders, thinking they were getting a free ride, provided their debit cards, bank account information, and online banking login credentials.

The conspirators took the provided information and deposited the stolen checks into the bank accounts, rapidly depleting the funds through cash withdrawals, electronic transfers, and debit card purchases. To cover their tracks, they instructed account holders to claim their accounts had been compromised if the banks and credit unions contacted them.

The scheme caused at least $2.7 million in losses to the banks and credit unions, with the defendants intending to cause $5.3 million in damages. United States District Judge John F. Walter has scheduled sentencing hearings for July 8, where Corona and Edeza will face a maximum 30-year prison sentence for bank fraud conspiracy and a mandatory two-year consecutive sentence for aggravated identity theft.

The United States Postal Inspection Service and IRS Criminal Investigation are handling the case, with assistance from the Los Angeles Police Department. Assistant United States Attorneys Sarah E. Spielberger and Alexandra Michael are prosecuting the case.

Corona and Edeza’s guilty pleas bring an end to a scheme that was as brazen as it was complex. The use of social media to facilitate a massive bank heist is a stark reminder of the evolving nature of financial crimes.

As the investigation continues, one thing is clear: the defendants will face justice for their crimes. The question remains – how many others were involved, and what other schemes are lurking in the shadows, waiting to be uncovered?