Global financial fraud case goes to trial in Minneapolis

A world map splattered with red dots shows the reach of a massive identity-theft case that went to trial this week in federal court in Minneapolis.

Jurors will hear testimony about what prosecutors describe as a sophisticated international conspiracy that stole and counterfeited thousands of identities, took over accounts at some of the nation's largest financial institutions, defrauded mortgage lenders, credit card companies and consumers and then laundered the proceeds.

Assistant U.S. Attorney Ann Anaya said in her opening statement on Wednesday that the victims weren't just banks and credit card companies. She said the alleged conspirators succeeded in stealing more than 8,700 individual identities from around the world. Some of those people will testify, she said. "They'll tell you what it means once your information is in the stream of compromised identities," Anaya said. "There's no way to get it back."

Investigators said the ring based its operations in Minnesota, California and New York and had as many as 200 members from coast to coast, including some Twin Cities bank employees. Many of the participants were originally from West Africa, they said.

Posted in: Account Takeover Identity Theft