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Home»Banking»24 charged in $3M bank fraud scheme in Pennsylvania
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24 charged in $3M bank fraud scheme in Pennsylvania

February 28, 2025No Comments3 Mins Read
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24 charged in M bank fraud scheme in Pennsylvania
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Pennsylvania law enforcement charged 24 suspected members of a fraud ring that has stolen more than $3 million from banks and their customers, the state’s attorney general announced this week.

Jeremy Antuan Boria Fraticelli, 22, allegedly steered the organization, which targeted people who kept funds at financial institutions in Cumberland, Dauphin and York counties, west of Philadelphia. Police arrested him in October, and he faces 12 felony charges, including identity theft, working for a corrupt organization and computer trespass.

Fraticelli and the co-conspirators allegedly tricked customers into giving up their private banking information by impersonating customer service representatives of financial institutions, according to a press release from the state’s attorney general, Dave Sunday.

The alleged fraudsters used that stolen information to gain access to the victims’ accounts and transferred the money into funnel accounts, according to the announcement. They then withdrew the funds and split the profits.

“This criminal enterprise ruthlessly deceived hard-working Pennsylvanians and violated their sense of security by stealing from bank accounts — to the tune of more than three million dollars,” Sunday said in the announcement. He also thanked the state police and financial institutions involved for their cooperation in the investigation.

“This case highlights the lengths criminals will go to exploit innocent people for financial gain,” said Pennsylvania state police commissioner Christopher Paris.

Fraticelli was one of six leaders of the organization, according to police, alongside Kermith Roldan-Lopez, 39; Juan Woodard Jr., 23; Tahire Reid, 26; Daniel Casiano, 22; Shawn Chance, 27 — all of York. Additional arrests of the remaining 18 co-conspirators are ongoing.

See also  WealthTek boss charged with £64m fraud to fund 'lavish lifestyle'

Prior to his arrest for his role leading the fraud ring, Fraticelli had pleaded guilty to five low-grade (i.e. misdemeanor or lower) charges from 2021 to 2023, according to state court records. These charges were possession of a small amount of marijuana, harassment involving physical contact and traffic violations.

Roldan-Lopez, Woodard, Casiano and Chance had each faced low-grade charges previously, as well. Reid had previously faced felony drug charges.

Fraud rings have grown in prominence

Banks have faced growing fraud threats in recent years. Suspicious activity reports, or SARs, related to check fraud have nearly doubled from 2021 to 2023, according to the FBI’s Internet Crime Complaint Center, or IC3.

This year, banks also reported fraud mitigation is their top spending priority, according to survey research from American Banker. Nearly half (46%) of respondents consider check fraud one of the top fraud concerns that will negatively impact their organizations in 2025.

The next highest category — real-time payment fraud — was a top concern of only 34%. The survey was based on responses from 212 leaders and staff at banks and fintechs.

The investments in fraud deterrence cut across organizational size. At the large end of the spectrum, JPMorgan Chase said in June that it is starting to move robust identity checks to the start of interactions inside branches, so each customer must prove their identity at an automated kiosk that asks for their account password or identification documents, rather than having a teller check this information by hand.

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