Two men who used popular social media sites to run a debit card and check fraud scheme that siphoned more than $100,000 from three billion-dollar, Virginia-based credit unions and a major bank were sentenced to federal prison last week in U.S. District Court in Newport News, Va.
Preston Frazier, 22, of Newport News, Va., was sentenced to more than five years and Keandre Williams, 25, also of Newport News, was sentenced to more than six years after pleading guilty in September to conspiracy to commit bank fraud and aggravated identity theft.
U.S. District Court Judge Mark S. Davis ordered Frazier and Williams to pay restitution totaling $103,463.
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Starting in August 2014, Frazier and Williams, along with co-conspirators Shameek Owens and Kendall Anderson, used popular social media sites to pay for access to debit card PINs belonging to members of the $2 billion Langley Federal Credit Union in Newport News, the $1.4 billion Bayport Credit Union in Newport News, the $71.9 billion Navy Federal Credit Union in Vienna and Wells Fargo Bank, according to federal prosecutors.
The foursome also deposited worthless and stolen checks as well as altered money orders into the compromised accounts using various ATMs located throughout the Hampton Roads, Va. area.
After making deposits, the foursome withdrew the maximum allowable amount from the ATMs. They also made additional withdrawals at other ATMs to obtain the maximum daily cash withdrawal, prosecutors said.
Frazier and Williams were identified as making the fraudulent deposits and withdrawals through video recordings captured by the targeted financial institutions.
They also used the compromised debit cards to make large purchases at local retailers and later returned the items for cash, according to prosecutors.
Owens pleaded guilty in October and will be sentenced Jan. 25. Anderson also pleaded guilty in October and will be sentenced on Feb. 10.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
