Feds File New Indictment in $3 Million Fraud That Targeted CU Shared Branching Network

The new court filing says 14 persons were involved in the nationwide conspiracy that used fake IDs to steal money from credit unions and banks.

By Peter Strozniak | October 22, 2024 at 03:42 PM

Federal prosecutors filed a superseding indictment against two leaders and six other persons who were allegedly involved in a $3 million fraud conspiracy that targeted credit unions in the shared branch network.

Last December, the feds originally indicted and arrested Oluwaseun Adekoya of Newark, N.J., and David Daniyan of Brooklyn, N.Y., who allegedly organized the fraud scheme. The two organizers and six other conspirators were indicted on bank fraud conspiracy an ID theft charges.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
Educational webcasts, white papers, and ebooks from industry thought leaders
Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com

NOT FOR REPRINT

Fraud & Enforcement

1 Trade Group Launches Ad Defending Credit Union Tax Exemption

2 Shared Accounts With CU Times: The ‘Natural Extension’ of AI for Southwest Financial FCU

3 Hauptman Named NCUA Board Chair, CU Industry Wants to ‘Reexamine’ Regulations

4 Core Processor Corelation & CUSO MDT Name New CEOs

5 Directors Talk, Nobody Walks

Insurance
Complex Claims & Litigation Forum 2025
February 24, 2025 - Las Vegas

This conference aims to help insurers and litigators better manage complex claims and litigation.
More Information
GlobeSt. Multifamily Spring 2025
April 01, 2025 - New York

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!
More Information
GlobeSt. Net Lease Spring 2025
April 01, 2025 - New York

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.
More Information

Hauptman Named NCUA Board Chair, CU Industry Wants to ‘Reexamine’ Regulations

By Michael Ogden | January 21, 2025

America’s Credit Unions sends Hauptman a letter stating regulatory priorities and rollbacks to examine.

Hauptman Named NCUA Board Chair, CU Industry Wants to ‘Reexamine’ Regulations

Ringleader of Fraud Scheme That Targeted New York Credit Union Sentenced

By Peter Strozniak | January 17, 2025

Judge sentences Evan Cutler to 46 months in federal prison and orders him to pay $88,000 in restitution.

Ringleader of Fraud Scheme That Targeted New York Credit Union Sentenced

NCUA Finds No Savings Elsewhere From Overdraft Fees

By Jim DuPlessis | January 17, 2025

Harper says the report shows members aren’t paying lower fees elsewhere or getting lower interest rates on loans.

NCUA Finds No Savings Elsewhere From Overdraft Fees

Optimizing Your Credit Card Rewards Program link

White Paper

Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
Exclusive discounts on ALM and Credit Union Times events.
Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now

Instant Insights /