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Banks (Finance)

Nevada Man Charged with Using Fraudulent Checks to Steal Millions from Victims' Bank Accounts

Strategic Insights

— 2 min read

A 76-year-old Nevada man has been indicted on 20 counts of wire fraud, bank fraud, and aggravated identity theft for allegedly using fraudulent checks to steal millions of dollars from victims' bank accounts. Michael Zeto is accused of partnering with foreign telemarketers who provided him with the names, bank account numbers, and other personal information of American consumers. Zeto allegedly used this information to create fraudulent checks and deposited them into accounts in the United States, resulting in millions of dollars being stolen from victims' accounts.

The indictment alleges that Zeto knew that many of the supposed sales sent by his telemarketing partners were not real sales and that consumers had not authorized debits from their bank accounts. Despite this knowledge, Zeto allegedly continued to use the fraudulent checks to steal money from victims' accounts, targeting older Americans in the process.

The case is being prosecuted by the Justice Department's Consumer Protection Branch, and the U.S. Postal Inspection Service and the FDIC OIG are investigating.

Key Takeaways:

  • Michael Zeto, 76, of Las Vegas, is charged with 20 counts of wire fraud, bank fraud, and aggravated identity theft.
  • Zeto allegedly partnered with foreign telemarketers who provided him with the names, bank account numbers, and other personal information of American consumers.
  • The indictment alleges that Zeto knew that many of the supposed sales sent by his telemarketing partners were not real sales and that consumers had not authorized debits from their bank accounts.
  • Despite this knowledge, Zeto allegedly continued to use the fraudulent checks to steal money from victims' accounts, targeting older Americans in the process.
  • The case is being prosecuted by the Justice Department's Consumer Protection Branch, and the U.S. Postal Inspection Service and the FDIC OIG are investigating.
  • Zeto faces a maximum term of imprisonment of 20 years for wire fraud, 30 years for bank fraud, and a mandatory two-year term of imprisonment for aggravated identity theft.
  • The National Elder Fraud Hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers aged 60 or older who have been victims of financial fraud.
  • The hotline is available in English, Spanish, and other languages, and is staffed seven days a week from 6:00 a.m. to 11:00 p.m. Eastern time.

Statistics:

  • 20 counts of wire fraud, bank fraud, and aggravated identity theft against Michael Zeto.
  • Millions of dollars allegedly stolen from victims' bank accounts through the use of fraudulent checks.
  • 100% of the victims allegedly targeted were American consumers.
  • 100% of the victims allegedly targeted were 60 years of age or older.
  • 20 years is the maximum term of imprisonment for wire fraud.
  • 30 years is the maximum term of imprisonment for bank fraud.
  • 2 years is the mandatory term of imprisonment for aggravated identity theft.

Sources:

  • Office of the United States Attorneys (no date)
  • U.S. Department of Justice (no date)
  • U.S. Postal Inspection Service (no date)
  • FDIC OIG (no date)
  • Justice.gov (no date)

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