Leader in ATM Fraud Gets Almost Nine Years in Prison
Vance Moore II, the leader of a conspiracy that bilked investors out of tens of millions of dollars in an ATM fraud, has been sentenced to 97 months in a federal prison.
According to the indictment, Vance Moore II and Walter Netschi sought investors' money to supposedly purchase and place up to 4,000 ATMs in retail locations across the U.S.
“In truth and in fact, these funds were not used to purchase ATMs as promised by Moore and Netschi. They were used to further the fraudulent scheme and to enrich Moore and Netschi at the expense of the investors,” Preet Bharara, the U.S. Attorney for the Southern District of New York, charged in the indictment.
According to the indictment, investors would enter into an agreement with Netschi to fund the purchase of ATMs and then enter an agreement with Moore's company to service and maintain the fictional ATMs.
The ATMs were supposed to make money for the investors through a system of fees for transactions, the indictment said.
“As the court is aware, the scope of the fraud in this case was extensive,” wrote Bharara in a sentencing memorandum for Moore. “It covered at least a three-year period and harmed dozens of victims, some of whom have been devastated by Moore's and Netschi's conduct,” he wrote.