According to the U.S. Department of Justice, an insider of a major US Bank fueled a fraud scheme worth billions of dollars that involved stealing identities of more than a million Americans.
DOJ reports that Renat Abramov (36), a dual-citizen of Azerbaijan and the United States, admitted abusing his role as relationship manager in order to open fraudulent bank accounts for a large criminal organization.
Abramov, according to documents filed in court, opened multiple accounts with Bank of America on behalf of phony medical equipment companies. He also bypassed the know-your customer protocols by using forged documents. Abramov deposited fraudulent check and transferred over $8,000,000 to cryptocurrency wallets and offshore accounts.
The prosecution says that his actions enabled the transnational criminal group (TCO), which fraudulently submitted Medicare claims worth more than $10 billion by stealing identities from over a million Americans. This included citizens of all 50 US states.
Abramov pleaded guilty for conspiracy to launder money and could face up to twenty years in prison.
The sentencing is set for April 20th.
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The post Bank of America employee fuels $10,000,000 fraud scheme, uses position to launder millions in Medicare proceeds: DOJ could be updated as new information becomes available.
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