Students Plead Guilty In ATM Scam

Register now

LANSING, Mich. -- Nine students at MSU FCU pleaded guilty Tuesday to misdemeanor charges in connection with a scheme allowing accomplices to use their ATM cards they had reported stolen. The defendants also testified that they or a third party used their account information to overdraw cash from the accounts. The students testified they either sold or gave their account information to accomplices in exchange for money deposited in their accounts. The accomplices then deposited bad or stolen checks in the accounts and withdrew funds before the credit union realized the checks were no good. Under plea bargains, the students agreed to pay restitution varying between $1,000 and $3,000 each. More than $57,000 was stolen from the credit union in the mid-March scam.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER