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Suspects allegedly impersonating representatives from a credit union and the Federal Reserve conned a 78-year-old California woman into withdrawing $20,000 from her bank account under the guise of protecting her finances, according to the Sonoma County Sheriff office in Santa Rosa.
The suspects, impersonating representatives from the $8.8 billion Redwood Credit Union in Santa Rosa and the Federal Reserve, allegedly convinced the victim to hand over the money to a fake federal marshal, police reported on Dec. 10.
After deputies responded to the fraud incident at the victim’s home on Dec. 2, the next day the same suspects allegedly attempted to scam her out of an additional $20,000.
Sonoma County Sheriff detectives quickly coordinated a sting operation and arrested 20-year-old Yung-Wen Kuan after he arrived at the victim’s residence to collect the money.
Detectives said they believe Kuan was acting as a courier in an organized fraud operation.
The suspect’s vehicle, a red Mercedes-Benz SUV, was towed, and investigators are analyzing evidence to identify additional suspects.
Kuan has been charged with grand theft, elder financial abuse and conspiracy. He remains in custody on $100,000 bail.
“This case highlights the growing threat of fraud schemes targeting vulnerable individuals,” Sonoma County Sheriff’s office said in a prepared statement.
Earlier this month, the NCUA and several other federal regulatory agencies and state financial regulators issued a joint statement outlining ways credit unions and other financial institutions can help prevent and mitigate financial exploitation of their older members and customers.
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