PROVIDENCE, R.I. – A Providence man who participated in a scheme to use stolen banking information to create fraudulent business checks and obtain hundreds of thousands of dollars in bank proceeds today pleaded guilty in federal court to conspiracy and bank fraud charges, announced United States Attorney Zachary A. Cunha.
Terrence Richardson, 30, pleaded guilty to conspiracy to commit bank fraud and twelve counts of bank fraud.
Appearing in U.S. District Court in Providence, Richardson admitted that, beginning in as early as April 2020, he conspired with others to create and deposit counterfeit checks drawn on the accounts of actual businesses. The counterfeit checks were typically deposited into the accounts of individuals, many of whom were solicited through Facebook, in exchange for a cash payment. Soon after the counterfeit checks were deposited the funds were rapidly withdrawn.
According to information presented to the court, numerous fraudulent checks created by members of the conspiracy were deposited and the funds were quickly withdrawn before the checks were deemed counterfeit. Some of the checks deposited were deemed fraudulent before any money was withdrawn. According to charging documents, Richardson executed schemes to deposit and withdraw funds represented by numerous counterfeit checks for between $2,824 and $60,322.
Richardson is scheduled to be sentenced by U.S. District Court Chief Judge John J. McConnell, Jr., on June 21, 2022.
The case is being prosecuted by Assistant U.S. Attorney Ly T. Chin.
The matter was investigated by the United States Postal Inspection Service, with the assistance of the FBI, United States Secret Service, Rhode Island State Police, and the Providence and Bethel CT, Police Departments.