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Bank Fraud and Identity Theft Scheme Unravels in Virginia

Alexandria, VA – In a shocking verdict, a federal jury has convicted 59-year-old Dae Hyuck Ko, also known as James Ko and Minghua Hong, of leading a sophisticated bank fraud and identity theft scheme.

Ko was found guilty on one count of conspiracy to commit bank fraud, 19 counts of bank fraud, and four counts of aggravated identity theft. The scheme, which targeted banks and individual victims across the nation, was particularly egregious in its use of violence to maintain control.

According to court records, Ko directed his co-conspirators to open numerous checking accounts, credit accounts, and personal lines of credit using the stolen identities of victims, primarily of Korean ethnicity. He then orchestrated the complex movement of money between these accounts to build up a banking history, allowing him to deposit bad checks and cash out accounts before they failed to clear.

Ko’s reign of terror was marked by violence, including the beating of a co-conspirator who suffered a broken nose and fractured eye socket. Three of Ko’s co-conspirators, Jaejoon Song, Jungtaek Kim, and Minho Yang, have already pleaded guilty in the case and received sentences of 66, 40, and 33 months, respectively.

Ko faces a maximum penalty of 30 years in prison on each of the bank fraud and conspiracy charges, as well as a mandatory consecutive two years in prison on at least one of the aggravated identity theft charges. He will be sentenced on April 29, 2016.

The case was announced by U.S. Attorney for the Eastern District of Virginia Dana J. Boente and Acting Inspector in Charge of the U.S. Postal Inspection Service Maria Kelokates. Assistant U.S. Attorneys Grace L. Hill and Kosta S. Stojilkovic are prosecuting the case.

Ko’s conviction serves as a stark reminder of the devastating consequences of financial crimes and the importance of holding perpetrators accountable.

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