Several more HELOC fraudsters were apprehended last week in the government’s effort to disband a powerful crime ring.

ComputerWorld reports:

“Federal authorities say they have taken another step toward busting a multinational identity theft ring that is alleged to have used stolen personal data to withdraw millions of dollars from home equity line-of-credit accounts at dozens of financial institutions in the U.S., including some of the country’s largest banks.

Four individuals were arrested last week in connection with the alleged scheme, which has resulted in more than $2.5 million being stolen from the affected financial institutions, according to law enforcement officials. Another $4 million worth of attempted withdrawals by the gang were unsuccessful, the U.S. attorney’s office in New Jersey said in announcing the arrests last Wednesday.”

If the defendants are found guilty, they could face up to fifty years in prison and over a million dollars in fines.

See Also:

Feds Crack HELOC Fraud Ring

Home Equity Line Thieves

Tags | Heloc, heloc fraud, home equity line of credit