94 Indicted in Fraud Scheme
December 8, 2011
Total Loss:
$450,000
A simple savings and checking-account deposit and transfer scam, which resulted in the theft of more than $450,000 from TD Bank, is believed to have exploited basic weaknesses in the bank's funds-availability practices.
The Manhattan District Attorney's Office announced Wednesday that 94 individuals had been indicted for their roles in the scheme, which between August 2009 to May 2011 relied on the deposit of cold checks and transfers between savings and checking accounts at TD Bank.
...The 18-month investigation, which used video surveillance, physical surveillance, computer forensics, and analysis of credit card, banking and phone records, is ongoing.
Source:
Bank Info Security