A federal indictment unsealed yesterday in St. Paul charges 12 people who reside in Minnesota, California, and New York with orchestrating a $10 million bank fraud conspiracy that featured a network of bank employees and others, operating locally and nationally. What’s notable about this case is that it appeared to be a coordinated ring relying on insider wrongdoing in the financial sector. The financial institutions reportedly victimized through the scheme include American Express, Associated Bank, Bank of America, Capital One, Guaranty Bank, JP Morgan Chase Bank, TCF Bank, US Bank, Wachovia Bank, Washington Mutual, and Wells Fargo Bank.
The indictment alleges that from 2006 through March of 2011, the defendants worked through a network of conspirators to obtain cash and merchandise fraudulently from financial institutions and businesses.
The indictment, originally filed under seal on March 8, 2011, charges Julian Nosa Okeayainneh, age 42, of Colton, California; Oladipo Sowunmi Coker, age 29, Nana Bempah Osei-Tutu, age 35, Fata Leeta Sarnor David, age 38, and Olugenya Temidayo Adeniran, age 35, all of Minneapolis; Fawsiyo Hassan Farah, age 42, and Sundayga Dexter Roberts, age 47, both of Brooklyn Park; Charles Amankwah Akuffo, age 30, no known address; Adetokunbo Olubunmi Adejumo, age 34, of Maple Grove; Jude Obira Okafor, age 44, of Fridley; Jonathan Sie Earley, age 48, of Brooklyn Center; and Charles Tubman Dwamina, age 46, of Lino Lakes, with one count of bank fraud conspiracy.
The indictment outlines many overt acts allegedly committed by the defendants in furtherance of this fraud scheme. In terms of insider wrongdoing, the allegations include:
- From July of 2006 through April of 2010, Roberts, a personal banker in Minnesota, allegedly possessed and sold stolen customer account information to others and facilitated participants in the network to commit fraud.
- From December of 2009 to March of 2011, Osei-Tutu, a bank employee who operated as a bank insider for the network, allegedly opened fraudulent bank accounts for Akuffo and others in the names of unknowing third parties, knowing the identities being used were false.
- From December of 2009 to March of 2011, Farah, a bank manager in Minnesota who operated as a bank insider for the network, aided in opening fraudulent accounts and cashing fraudulent checks.
- In December of 2009, David, also a bank employee working as a bank insider for the network, cashed fraudulent checks.
- In December of 2010, Dwamina, also a bank employee, opened a bank account in the name of an unknowing third party.
More information about this case can be found in the press release.