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(Des Moines, IA) -- A federal grand jury in Des Moines has indicted 18-people on bank fraud, money laundering, and conspiracy charges. Those indicted are accused in a nationwide scheme to defraud banks. Investigators say the defendants, located across the country, first got stolen checks, then registered sham entities with the I-R-S and state agencies, including the Iowa Secretary of State's offices. Defendants then opened or tried to open accounts at banks and credit unions, to deposit at least $10-(M) million in stolen checks.
The Indictment alleges the Defendants’ conduct affected at least twelve business victims and at least fourteen financial institution victims. Defendants and their co-conspirators attempted to deposit at least $10 million worth of stolen checks into fraudulent accounts and were able to obtain at least $2.1 million in proceeds from their criminal conduct.
Defendants face a maximum penalty of thirty years in prison on counts alleging bank fraud or bank fraud conspiracy and ten years in prison on counts alleging money laundering or money laundering conspiracy. The Indictment may be viewed at the link below.
United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. IRS Criminal Investigation and the Federal Bureau of Investigation are investigating the case with assistance from the Postal Inspection Service, Treasury Inspector General for Tax Administration, Bureau of Alcohol, Tabacco, and Firearms, and Secret Service, as well as with assistance from numerous state and local agencies. Assistant United States Attorneys Kyle Essley, Kristin Herrera, and Joseph Lubben are prosecuting the case.