This week, a federal grand jury charged 24 people in connection with 6 identity theft scams involving bank and mortgage fraud. Of those, two of the scams involved circles of 10 people.

In the first case, Charles White and Allen Smith allegedly headed up a 10 person group who defrauded banks to the tune of at least $1 million. By using the names, social security numbers, addresses, and dates of birth of potentially hundreds of customers of Commerce Bank, Wachovia Bank, PNC Bank, and M&T Bank, they were able to cash foreign and counterfeit checks as well as withdraw funds from current customers’ accounts.

In an unrelated scheme, 10 more individuals were charged with mortgage and identify fraud that involved 180 properties, most in South and Southwest Philadelphia, that could cost the government and private lenders more than $11 million.

Mahn Huu Doan was charged with submitting bogus bank records, W-2 forms and pay stubs to get government backed loans. He was going to resell the homes for profit, but when they didn’t sell, Doan couldn’t pay back the loans. The properties will go into foreclosure.

“Foreclosures affect everyone in Philadelphia,” U.S. Attorney Meehan said, citing a recent study by the Reinvestment Fund. “For every foreclosure within a block of your house and within a year, your house will lose 1 percent of its value. You can therefore imagine the impact that 180 foreclosures will have on our neighborhoods.”

In a third case, Kasimu Clark allegedly recruited bank employees to provide personal information about customers. He then distributed phony IDs to his crew of 8 or so (only Clark has been charged so far), and the group proceeded to cash checks and withdraw some $1.2 million.

Source: U.S. Attorney Announces Multiple Identity Theft and Mortgage Fraud Indictments24 are charged in 6 ID-theft rings
ID-fraud indictment names 24