US bank fraud ring rumbled

David Benyon
01 Jul 2009

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Regulation

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.

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