PHILADELPHIA, PA — Federal authorities have charged three individuals from Queens, New York, with involvement in an alleged bank fraud conspiracy that exploited bank customers’ home equity lines of credit (HELOCs), the United States Attorney’s Office announced.
According to the indictment, Fanchao Zeng, 33, Zhongzhou Lin, 26, and Yanping Li, 32, are accused of orchestrating an elaborate scheme to impersonate bank customers and access their HELOC funds. The charges include one count of conspiracy to commit bank fraud, five counts of bank fraud, and two counts each of aggravated identity theft, as well as aiding and abetting.
The indictment alleges that the defendants, along with unnamed co-conspirators, stole HELOC account information and used fraudulently obtained driver’s licenses to gain access to these accounts. The conspirators reportedly submitted false change-of-address requests to the Pennsylvania Department of Transportation to redirect correspondence related to the victims’ accounts. They then requested replacement driver’s licenses, which allowed them to impersonate the rightful account holders.
Investigators claim that the defendants transferred HELOC funds into accounts they controlled, or into fake business accounts set up in the victims’ names. The funds were allegedly withdrawn through large cash transactions or the purchase of official checks. These checks were frequently cashed at casinos, with proceeds going toward gambling activities to obscure the origins of the stolen money.
If convicted, the defendants face significant penalties. Zeng could receive a maximum sentence of 131 years in prison and a $5,000,000 fine. Lin faces a potential 159 years in prison and a $5,750,000 fine, while Li could serve up to 101 years in prison and incur fines totaling $4,250,000.
The case was investigated by the FBI and is being prosecuted by Assistant United States Attorney Eric D. Gill.
The charges detailed in the indictment are allegations, and all defendants are presumed innocent until proven guilty in a court of law. Further updates on this case are expected as the legal proceedings continue.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.