NEW YORK - Some 18 former bankers have been indicted by Manhattan's district attorney in connection with an alleged identity theft and cheque fraud scheme. The individuals include former employees from JP Morgan Chase, TD Bank and HSBC.
The indictment claims that, between October 1, 2007 and February 10, the defendants conspired to steal bank account and personal information, which they then used to manufacture thousands of counterfeit cheques.
Jasper Grayson and James Malloy are charged with acquiring the personal data to forge the cheques via several other bank employees that had access to account records. The cheques were then created by Grayson and Malloy using specialist computer software, scanners, printers and magnetic ink. Other individuals cashed and deposited the cheques.
The scam is thought to have affected thousands of victims, including individuals, companies, religious institutions, and city or state agencies.
More on Regulation
2015 rules promise oversight increase
Recent Iosco consultation paper aims to better co-ordinate global regulation
Indian regulators to allow overseas firms to access market but speculation ruled out
Market anticipates an impending regulatory mandate for rupee rates clearing
Sign up for Risk.net email alerts
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.