Identity

Million

April

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">According to a Justice Department <a href="https://www.justice.gov/usao-sdny/pr/leader-miami-crew-pleads-guilty-defrauding-banks-and-cryptocurrency-exchange-more-4" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">press release</a> published on Wednesday, April 26th, Esteban Cabrera Da Corte, the leader of a criminal trio from Miami, pleaded guilty today. Da Corte’s group operated a&nbsp; scheme that used stolen personal information in order to defraud banks out of approximately $4 million.</p> 
<h3 id="leader-of-a-miami-trio-pleads-guilty-to-defrauding-banks-of-4-million">Leader of a Miami Trio Pleads Guilty to Defrauding Banks of $4 Million</h3> 
<p>This Wednesday, the Department of Justice announced that Esteban Cabrera Da Corte, the leader of a trio from Miami that operated a major cryptocurrency fraud, has pleaded guilty. The operation entailed the use of stolen personal identification documents, and other personal information to defraud banks out of $4 million through false reimbursement requests.</p> 
<p>Da Corte is facing up to 20 years in prison due to pleading guilty to wire fraud and has agreed to pay restitution of more than $3.5 million and forfeiture of $1.2 million. Commenting on the matter U.S. Attorney Damian Williams stated that his office will continue cracking down on individuals seeking to benefit from theft and fraud even if they attempt to use the anonymity offered by digital assets as protection.</p> 
<blockquote class="wp-block-quote"> 
 <p>Esteban Cabrera Da Corte orchestrated a scheme to steal millions of dollars by buying cryptocurrency using false and stolen identities and then deceiving U.S. banks regarding those transactions.&nbsp; As a result of his guilty plea, Cabrera Da Corte is now being held to account.&nbsp; Our Office will continue to work vigorously with our law enforcement partners to protect the integrity of U.S. banks and financial markets to the full extent of the law from those who seek to enrich themselves through fraud and deceit, including those who attempt to shroud themselves in the anonymity of digital transactions.</p> 
</blockquote> 
<p>The DoJ initially <a href="https://tokenist.com/miami-trio-charged-for-defrauding-banks-and-a-crypto-exchange-of-4m/" rel="dofollow" class="deco-link">pressed charges against Da Corte</a> and his accomplices—Luis Hernandez Gonzalez and Asdrubal Ramirez Meza—in late August 2022. At the time, the trio was accused of committing wire fraud, aggravated identity theft, and conspiracy to commit wire and bank fraud since at least 2020.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="how-did-da-corte-s-operation-defraud-banks">How Did Da Corte’s Operation Defraud Banks?</h3> 
<p>While various kinds of fraud are still relatively prevalent in the world of cryptocurrencies due to their relative youth, banks are relatively rarely the target. Under most circumstances, would-be fraudsters attempt to scam individual investors mostly through pyramid, Ponzi, pump-and-dump, and other schemes. For example, only a month after De Corte and his crew were charged, the SEC sued Arbitrade for issuing digital tokens that it <a href="https://tokenist.com/sec-sues-arbitrade-over-allegedly-gold-backed-token-offer/" rel="dofollow" class="deco-link">falsely claimed were backed by gold</a>.</p> 
<p>Da Corte and his team used a different approach and instead targeted multiple banks and a major cryptocurrency exchange. The trio used photographs of US identification documents and other stolen personal information to open multiple accounts with what was described <a href="https://www.justice.gov/usao-sdny/press-release/file/1528131/download" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">in the original indictment</a> as “a leading cryptocurrency exchange platform.”</p> 
<p>They then linked these new accounts to the targeted banks, used currency to buy digital assets, and quickly moved said assets out of the aforementioned exchange. They would then call the banks claiming that cryptocurrency transactions were unauthorized forcing the banks to process more than $4 million to reverse them, and costing the cryptocurrency exchange a $3.5 million loss in digital assets.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><strong><em>Do you think there will be less cryptocurrency-related fraud in 2023 than in 2022? Let us know in the comments below.</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/leader-of-an-identity-theft-crypto-scam-that-stole-4m-pleads-guilty/">Leader of an Identity Theft Crypto Scam That Stole $4M Pleads Guilty</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Leader of an Identity Theft Crypto Scam That Stole $4M Pleads Guilty

Table of Contents

Tokenist

Andre artikler udgivet 26. apr. 2023

UK Financial Watchdog to Crypto Industry: ‘Let’s work together’

Complete a short quest and get a free MINT NFT

$100 Million in Liquidations as Bitcoin Price Explodes to $29K

The Impact of ETH Staking on Ethereum’s Growth in 2023/24

Spanish authorities bust criminal gang in $110 million cryptocurrency scam

Neobank ‘Blockbank’ Lists $SHIB, Showers Shiba Inu Ecosystem with Praise

Join our free newsletter for daily crypto updates!