The U.S. Division of Justice (DOJ) is accusing a financial institution employee of increasing an online of unauthorized transactions and illegal accounts, stealing better than $2.1 million from customers.
In a 17-depend indictment, the DOJ says it’s charging Yue Cao of Winfield, Illinois, with alleged financial institution fraud, aggravated id theft and accomplishing financial transactions in criminally derived property in connection with a scheme to rob funds from id theft victims’ accounts.
Between May also 2022 and April 2023, Cao is accused of defrauding an unnamed Ohio-essentially based financial institution where he worked and its customers by transferring their funds to accounts that cling been under his management, including accounts he had established in the customers’ names, all without their files or authorization.
Cao allegedly diverted the stolen money from the patron accounts for his cling interior most use, according to the DOJ.
The agency says Cao was a “quantitative modeling analyst,” and was ready to use his situation to search out customers who hadn’t yet enrolled in on-line banking companies – basically the elderly – and signal them up the use of their names with spurious electronic mail addresses without their files.
Once the customers cling been unwittingly enrolled in on-line banking, Cao allegedly veteran those accounts to carry out as a minimal $2.1 million in unauthorized on-line transfers from the victims’ right accounts to the accounts he had opened in the victims’ names and to his cling financial accounts.
The case was investigated by the FBI’s Cleveland Division, and is being prosecuted by Assistant United States Licensed professional Edward Brydle.
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