Two California brothers-in-law are facing serious prison time for allegedly stealing a massive amount of money from elderly victims. A federal indictment accuses Ayman Alaaraj and Ahmad Nassar of a sophisticated bank fraud scheme.
How the Scheme Worked
The indictment claims that in May 2023, Nassar, sometimes with Alaaraj’s help, targeted the bank accounts of two elderly people. Using a clever trick, Nassar hijacked their phone numbers. This allowed him to bypass the banks’ two-factor authentication (2FA) security and access their accounts.
Once inside, they emptied the accounts, racking up huge credit card debts. The total losses to the victims exceeded $794,000.
The Money Trail
The stolen funds didn’t stay in the victims’ accounts for long. The pair moved the money through various accounts, even funneling $100,000 through Alaaraj’s businesses. They then withdrew cash from ATMs, wrote checks, and used services like Western Union and Zelle to get the money for themselves. Some of the loot went towards paying off credit cards, online gambling, and even a new Mercedes.
Facing the Music
If convicted, Alaaraj and Nassar face a maximum of 30 years in prison and a $1 million fine for each bank fraud charge. They also face mandatory prison time and additional fines for aggravated identity theft. This is a serious case with potentially severe consequences.