Feds Bust 18 in $200M Credit Card Fraud Ring

by Nate Wooley | February 6, 2013 10:53 am

[1]The U.S. Department of Justice announced yesterday that it has indicted 18 people in a massive credit card fraud scheme.

The accused used false or stolen identities to defraud businesses of more than $200 million, reports USA Today[2]. The feds say the group started small in one state in 2003 and grew into an operation in 28 states and overseas. By 2012, they were allegedly using more than 7,000 fake identities with more than 25,000 credit cards around the world.

They allegedly used the fraudulently obtained credit to purchase expensive goods, gold, cars and to transmit money overseas. While the indictment says the amount is $200 million, authorities said they won’t be surprised if that climbs after further investigation.

A minimum of 13 of the 18 people accused are in federal custody Tuesday. If convicted, they could face penalties of up to 30 years in prison and $1 million in fines on each count. There was no word about other five suspects’ whereabouts.

More stories about crime and fraud:

  1. [Image]: https://investorplace.com/wp-content/uploads/2013/02/handcuffs.jpg
  2. reports USA Today: http://www.usatoday.com/story/money/business/2013/02/05/credit-card-fraud-ring/1892925/
  3. S&P Accused of Fraud Over Ratings: https://investorplace.com/2013/02/sp-accused-of-fraud-over-ratings/
  4. N.Y. Nun Accused of Unholy Crime: https://investorplace.com/2012/11/n-y-nun-accused-of-unholy-crime/
  5. Wells Fargo Fires Worker for 10-cent Crime Committed in 1963: https://investorplace.com/2012/08/wells-fargo-fires-worker-for-10-cent-crime-committed-in-1963/

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