Former branch manager sentenced
March 25, 2009
Total Loss:
$20 Million
A former branch manager for Bank of America has been sentenced to 63 months in jail for his role in $2 Million dollar fraud scheme. Oscar Sanchez took bribes in return for opening fraudulent bank accounts and opening lines of credit for the Khan Ring. The ring defaulted on loans and credit card debt, causing millions in losses to numerous financial institutions, including the Bank of America. Current loss estimates from the Khan Ring's fraudulent activities exceed $20 million.
Source:
U.S. Department of Justice
Posted in:
Internal Fraud