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4 convicted in major Calif. bank fraud, ID thefts

4 in California convicted in major bank fraud, identity theft of dozens in 4 states By The Associated Press

LOS ANGELES (AP) ' Federal prosecutors say four members of an Armenian organized crime ring have been convicted in one of the largest bank fraud and identity theft schemes in California history.

The U.S. attorney's office announced the convictions Thursday.

All four defendants were Armenian Power members who targeted dozens of victims in California, Nevada, Arizona and Texas.



The defendants were found guilty of conspiring to commit bank fraud, attempted bank fraud and various counts of aggravated identity theft.

Each faces up to 30 years in prison for each count of bank fraud and conspiracy when they are sentenced Aug. 6.

In all, 19 people have been convicted in the sophisticated scheme. It involved orders made from within prisons and the assistance of bank insiders enlisted by the criminal organization.


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Related Keywords:Armenian Power-Bank Fraud,Identity theft,Fraud and false statements,Crime,General news,Financial services,Industries,Business

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