Nationwide Bank Fraud and Money Laundering Conspiracy Leaders Sentenced to 421 Months in Prison

Strategic Insights -

Three of the masterminds behind a nationwide bank fraud and money laundering conspiracy, which attempted to deposit over $15 million in stolen checks at various financial institutions, have been sentenced to a combined total of 421 months in federal prison. Thaddeus Jerome Lee, Latroy L. Currie, and Johnnie Lee Thomas were the founders and leaders of the conspiracies that operated in numerous states, including Iowa, and successfully obtained at least $2.9 million in fraudulent proceeds. The leaders recruited dozens of individuals to commit acts of bank fraud and money laundering, creating fake business entities and supervising co-conspirators who deposited stolen checks into fraudulent accounts.

Key Takeaways:

  • 11 co-conspirators have been sentenced on similar charges for their roles in the conspiracy, with prison terms ranging from 4 to 384 months.
  • The conspiracy attempted to deposit at least $15 million in stolen checks at various financial institutions throughout the country.
  • The leaders successfully obtained at least $2.9 million in fraudulent proceeds.
  • Thaddeus Jerome Lee was sentenced to 151 months' imprisonment, Latroy L. Currie to 135 months' imprisonment, and Johnnie Lee Thomas to 135 months' imprisonment.
  • All three will be required to serve terms of supervised release after completing their prison terms.
  • The conspiracy involved the creation of fake business entities and the recruitment of dozens of individuals to commit acts of bank fraud and money laundering.
  • The FBI and IRS-CI worked together to investigate and prosecute the case, with assistance from numerous state and local agencies.

Statistics:

  • The conspiracy attempted to deposit at least $15 million in stolen checks.
  • The leaders successfully obtained at least $2.9 million in fraudulent proceeds.
  • 11 co-conspirators have been sentenced on similar charges for their roles in the conspiracy.
  • The prison terms for the co-conspirators ranged from 4 to 384 months.
  • The leaders of the conspiracy were sentenced to a combined total of 421 months in federal prison.
  • The FBI and IRS-CI investigated the case with assistance from numerous state and local agencies.

Sources:

  • Public court documents and evidence presented at sentencing
  • IRS Criminal Investigation's St. Louis Field Office
  • FBI
  • United States Attorney Richard D. Westphal of the Southern District of Iowa
  • Assistant United States Attorneys Joseph Lubben, Kristin Herrera, and Kyle Essley (former)