A former bank employee hired to stop financial crime has been sentenced to 10 years in prison for stealing more than $1 million from elderly customers.
The sentence was handed down in federal court in Cleveland and covers roughly that loss figure after prosecutors had cited about $2 million at trial, reports Cleveland.com.
U.S. District Court Judge Philip Calabrese sentenced Yue Cao, 36, to eight years on 10 counts of bank fraud and one count of money laundering, plus two years for four counts of identity theft.
Cao worked at KeyBank from 2015 to 2022 as a quant analytics manager building models meant to prevent financial crimes.
He used an offshore service to create fake email addresses, enrolled more than 100 victims in online banking without their knowledge and moved money into accounts he controlled.
Victims lived in Ohio, New York, Pennsylvania, Connecticut and Washington and ranged in age from 90 to 103, including a 103-year-old woman.
Prosecutors said Cao picked victims because of their age and because he believed they were unlikely to report the theft.
The scheme surfaced after suspicious transfers were flagged at Charles Schwab, where Cao later worked.
Judge Calabrese addressed how Cao got the information.
“He used his position of trust within financial institutions to gain access to personal information.”
Assistant U.S. Attorney Edward Brydle described how the theft unfolded.
“This was a slow, calculated process.”
Cao is a Chinese national and legal permanent resident who is expected to face deportation after his sentence.
The ICD previously covered his February conviction in this report.
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This post Bank Insider Responsible for Stopping Fraud Steals $1,000,000+ From Elderly Customers Aged Between 90 to 103: Report may be modified as updates unfold.
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