The U.S. Division of Justice (DOJ) is accusing a financial institution worker of making an online of unauthorized transactions and unlawful accounts, stealing greater than $2.1 million from clients.
In a 17-count indictment, the DOJ says it’s charging Yue Cao of Winfield, Illinois, with alleged financial institution fraud, aggravated identification theft and fascinating in financial transactions in criminally derived property in reference to a scheme to steal funds from identification theft victims’ accounts.
Between Could 2022 and April 2023, Cao is accused of defrauding an unnamed Ohio-based financial institution the place he labored and its clients by transferring their funds to accounts that had been underneath his management, together with accounts he had established within the clients’ names, all with out their information or authorization.
Cao allegedly diverted the stolen cash from the shopper accounts for his personal private use, in line with the DOJ.
The company says Cao was a “quantitative modeling analyst,” and was in a position to make use of his place to search out clients who hadn’t but enrolled in on-line banking providers – largely the aged – and signal them up utilizing their names with faux electronic mail addresses with out their information.
As soon as the purchasers had been unwittingly enrolled in on-line banking, Cao allegedly used these accounts to make at the very least $2.1 million in unauthorized on-line transfers from the victims’ actual accounts to the accounts he had opened within the victims’ names and to his personal monetary accounts.
The case was investigated by the FBI’s Cleveland Division, and is being prosecuted by Assistant United States Legal professional Edward Brydle.
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