The U.S. Department of Justice (DOJ) accuses a bank employee of creating a web of unauthorized transactions and illegal accounts that stole more than $2.1 million from customers.
In a 17-count indictment, the DOJ says it is charging Yue Cao of Winfield, Illinois, with alleged bank fraud, aggravated identity theft and conducting monetary transactions in criminally obtained property in connection with a scheme to steal money from the accounts of identity theft victims . .
Between May 2022 and April 2023, Cao is accused of defrauding an unnamed Ohio bank where he worked and its customers by transferring their money to accounts under his control, including accounts he created in the customers’ names. all without their knowledge or consent.
According to the DOJ, Cao allegedly diverted the stolen money from customer accounts for his own personal use.
The agency says Cao was a “quantitative modeling analyst” and was able to use his position to find customers who had not yet signed up for online banking (usually elderly) and sign them up using their names, using fake email addresses without their knowledge .
When the customers unknowingly signed up for online banking, Cao allegedly used those accounts to make at least $2.1 million in unauthorized online transfers from the victims’ real accounts to the accounts he opened in the victims’ names and to its own financial accounts.
The case was investigated by the Cleveland Division of the FBI and is being prosecuted by Assistant United States Attorney Edward Brydle.
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