The lead defendant in a fraud case involving Wells Fargo staff who stole buyer account knowledge that was used to impersonate victims and steal cash from their accounts was sentenced Thursday to 7 1/2 years in jail.
Ronald Charles Reed, 70, of Inglewood, pleaded responsible in March 2016 in U.S. District Courtroom in Los Angeles to felony counts of financial institution fraud and aggravated id theft, in accordance with the U.S. Lawyer’s Workplace.
Also called “Disco Ronnie,” Reed was amongst eight defendants charged in two indictments returned by a federal grand jury final yr. Three of the defendants stay unidentified and nonetheless at giant.
Along with the jail time, Reed was additionally ordered to pay Wells Fargo greater than $580,000 in restitution, which is roughly the quantity the financial institution misplaced within the scheme.
Prosecutors stated Reed recruited 4 Wells Fargo staff in 2013 and 2014 and requested them to entry the financial institution’s pc data. He bought financial institution clients’ figuring out info, together with dates of start, account numbers, driver’s license numbers and Social Safety numbers. Prosecutors stated he offered the knowledge to “runners” — the nonetheless-unidentified defendants — who used pretend IDs to impersonate financial institution clients and made substantial money withdrawals from their accounts.
The runners additionally used a few of the clients’ accounts to deposit nugatory checks and obtain money again at Wells Fargo branches throughout Southern California and in different states, together with Minnesota and Nevada.
The previous Wells Fargo staff concerned within the scheme have pleaded responsible and are awaiting sentencing.
–Metropolis Information Service
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