A bank employee has been indicted by the U.S. Department of Justice (DOJ) for allegedly stealing over $2.1 million from customers.
Unauthorized Transactions and Illicit Accounts
Yue Cao, of Winfield, Illinois, is accused of creating a network of unauthorized transactions and illegal accounts to siphon funds from victims. He allegedly targeted elderly customers who had not enrolled in online banking and signed them up without their knowledge.
Exploiting Position
Cao, a “quantitative modeling analyst,” used his position to identify vulnerable customers. He then allegedly used their names and fake email addresses to create online banking accounts.
Unauthorized Transfers
Once the accounts were created, Cao allegedly made unauthorized online transfers from the victims’ accounts to accounts he had opened in their names or to his own financial accounts. The total amount stolen is estimated to be $2.1 million.
Investigation and Prosecution
The case was investigated by the FBI’s Cleveland Division and is being prosecuted by Assistant United States Attorney Edward Brydle.
