A major credit card scam cost JPMorgan Chase a cool million dollars. This wasn’t your average credit card theft; this was a sophisticated operation.
How the Scam Worked
Two Houston men, Bradley Kane Zarco (39) and Travis Castaneda Qawasmeh (28), admitted to being part of a ring that stole at least 120 new credit cards and bank statements straight from the mail. They didn’t just use the cards; they activated them, jacked up the credit limits, and even changed account information. Over six months, they used the stolen cards to buy retail goods, gift cards, and withdraw cash.
The Guilty Parties
Three other individuals – Christopher McGee (43), Daniel Sanchez (37), and Omokehinde Muyiwa Oyegoke-Tewogbade (64) – also pleaded guilty to their involvement. Sanchez is already serving a 41-month prison sentence. The others face up to five years for conspiracy, with McGee facing an extra two years for aggravated identity theft.
The Bottom Line
This elaborate scheme highlights the significant financial losses that can result from sophisticated credit card fraud. The hefty price tag for JPMorgan Chase serves as a stark reminder of the ongoing challenges in protecting customer financial information.