BRONX, N.Y. – Investigators said 94 people have been indicted here for a widespread crime scheme that targeted TD Bank.
The Manhattan District Attorney’s Office said the scam involved a simple savings and checking-account deposit and transfer ruse, the end result of which was the theft of more than $450,000 from the bank. Authorities said the scammers exploited some fundamental weaknesses in TD Bank’s funds availability practices.
The District Attorney's Office said the scheme took place between August 2009 and May 2011 and involved the opening of more than 90 bank accounts into which bad checks were deposited and then funds withdrawn before the bank learned of the insufficient funds. The scammers were able to skirt standard safeguards using telephone transfers.
A trio of defendants was named as masterminding the scheme, with 85 people indicted for opening the accounts and playing additional roles.
