$10 Million Business Check Scheme Victimizes Credit Unions & Banks

Alleged fraudsters open CU and bank accounts in the names of sham companies to deposit and launder checks stolen from legitimate businesses.

By Peter Strozniak | October 07, 2024 at 03:00 PM

Eighteen individuals have been charged with orchestrating a $10 million scheme that included depositing stolen business checks into sham company accounts and then withdrawing and laundering the funds at credit unions and banks, according to the U.S. Attorney's office in Des Moines, Iowa.

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$10 Million Business Check Scheme Victimizes Credit Unions & Banks

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