Washington federal prosecutors busted a large fraud ring that stole nearly a $1 million from three credit unions and four banks over five years, according to a 60-count indictment filed in U.S District Court in Seattle last week.
The indictment alleged between November of 2010 and the present, 10 individuals used 219 different bank accounts to steal more than $987,000 from the $13 billion Boeing Employees Credit Union in Tukwila, the $924 million TwinStar Credit Union in Lacey, the $1.1 billion Sound Credit Union in Tacoma, Bank of America, Wells Fargo Bank, Banner Bank and KeyBank.
According to the indictment, the defendants allegedly used stolen checks to make fraudulent deposits in the accounts. Using debit cards, the co-schemers would withdraw large amounts of cash before the institutions determined the checks were no good.
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