The head of an identity theft ring that targeted Wells Fargo bank customers will spend the next seven years in prison, according to this U.S. Department of Justice press release.
Ronald Charles Reed, a 70-year-old Inglewood, California resident, stole more than half a million dollars from his victims. He recruited Wells Fargo employees to obtain customers’ personal data, like birth dates, account numbers and social security numbers. He then gave the information to people who would impersonate customers and withdraw cash from 75 accounts. Reuters.com covered the story here.
Reed, who is known as “Disco Ronnie,” pleaded guilty to bank fraud and identity theft back in March 2016 but was just sentenced.
“Innocent victims of identity theft deserve the protection of the criminal justice system, and this sentence attempts to achieve that goal,” U.S. Attorney Eileen Decker said in the statement.
He was also ordered to pay approximately $580,000 in restitution, according to the press release issued by the United States Department of Justice after he pleaded guilty back in March 2016.
That release details more of the scheme:
“Reed recruited four Wells Fargo employees in 2013 and 2014, asked them to access the bank’s computer records, and then purchased personal identifying information (PII) belonging to bank customers, including dates of birth, account numbers, driver’s license numbers and social security numbers. With this information, the currently unidentified ‘runners’ used fake IDs to impersonate bank customers and made substantial cash withdrawals from the customers’ accounts. In some cases, the runners also used the customer’s account to deposit worthless checks and receive cash back. The fraudulent transactions were made at Wells Fargo branches across Southern California and in other states, including Minnesota and Nevada.”
Reed also tried a similar scheme at U.S. Bank but was unsuccessful. He admitted to purchasing PII for U.S. Bank accounts in 2014, but the information was for an undercover account and was provided by a confidential informant who was working with law enforcement.
It’s not Reed’s first offense. He was previously convicted for counterfeit credit cards.
The former bank employees who worked with Reed have all pleaded guilty and are pending sentencing. The investigation into the runners — who remain unidentified — is ongoing. Anyone with information is asked to contact FBI Special Agent Watkins at 310-477-6565.
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