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Wed Dec 18, 2019, 11:33 PM

Inland Empire Man Indicted on Bank Fraud Charges Alleging He Orchestrated $2.4M "Bust-Out" Scheme

RIVERSIDE, California – A San Bernardino County man faces federal criminal charges that he masterminded a bank account “bust-out” scheme that defrauded Wells Fargo out of $2.4 million and compromised more than 900 of its accounts.

Steven Michael Banks Hubbard Jr., a.k.a. “Marcus” and “Man,” 36, of Rialto, was charged in an 11-count federal grand jury indictment returned today. Hubbard, who was arrested on a federal criminal complaint on December 6 and remains in custody, was indicted on nine counts of bank fraud and two counts of aggravated identity theft. His arraignment is scheduled for December 26 in United States District Court in Riverside.

The indictment alleges that, between May 2015 and July 2019, Hubbard executed his scheme to defraud by first convincing individuals to open a checking account at Wells Fargo. Once the accounts were opened, the customers gave Hubbard their debit cards, PIN codes, and their personal identifying information, the indictment alleges.

Using a customer’s account, Hubbard allegedly would deposit an average of more than $2,000 in cash into the customer’s account via a Wells Fargo ATM. Typically the same day, Hubbard would withdraw the cash that he had deposited into the customer’s account, according to the indictment.

Read more: https://www.justice.gov/usao-cdca/pr/inland-empire-man-indicted-bank-fraud-charges-alleging-he-orchestrated-24-million-bust

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