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NY Bank IT tech plead guilty to ID theft scam
Category : General 04 Jul 2010 02:10 AM | Industry News
A former Bank of New York employee pleaded guilty late last week to filching the personal identifying information of 2,000 bank employees to help him steal more than $1.1 million from charities, nonprofits and other entities over an eight-year period.
Over the next few years, he used this information to open more than 30 bank and brokerage accounts in their identities with firms including E*Trade, Fidelity, Citi, Wachovia, and Washington Mutual.
The New York/New Jersey Electronic Crimes Task Force of the United States Secret Service began surveillance on Adeyemi after tracing suspicious Internet activity at his apartment.
A search of the apartment last April uncovered dozens of Bank of New York employees' credit reports on his computer, along with many other documents containing personal identifying information of more than 2000 staff.
More than a dozen charities were victimized, including Goodwill Industries of Greater New York, the Jacksonville Humane Society and the International Association of Women Judges, all of which had publicized their bank account details in order to receive donations.
Fraudsters are able to transfer money from bank accounts using a back-end system used for interbank transactions called the Automated Clearing House (ACH) network, which has been used to move tens of millions of dollars in fraudulent transactions over the past year.
He has now pleaded guilty to the top charges in the indictment, grand larceny in the first degree and money laundering in the first degree, as well as to the felony charge of computer tampering in the first degree. He is scheduled to be sentenced on July 21.