RI Man Admits To Stealing Thousands In Bank, Check Fraud Scheme

Providence RI

24 March, 2022

3:15 PM

Description

PROVIDENCE, RI — A Rhode Island man admitted in federal court to using stolen banking information to create fake checks and steal hundreds of thousands of dollars. Terrence Richardson, 30, of Providence, pleaded guilty Thursday to conspiracy to commit bank fraud and 12 counts of bank fraud. In U.S. District Court, Richardson admitted he conspired with others to create and deposit counterfeit checks drawn from the accounts of actual businesses. Richardson began the scheme as early as April 2020. The counterfeit checks were typically deposited into people's accounts, many of whom were solicited through Facebook, in exchange for a cash payment. Soon after the counterfeit checks were deposited, the funds were rapidly withdrawn, prosecutors said. According to court documents, numerous fake checks created by Richardson and other members of the conspiracy were deposited, and the money was withdrawn before banks realized the checks were counterfeit. Richardson's fake checks allowed him two withdraw between $2,824 and $60,322 with each one. Richardson is scheduled to be sentenced on June 21.