One of the Largest Card Frauds Ever: Details on Judge's Severe Sentence

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January 23, 2012

A Canadian man has been sentenced to nearly 18 years in prison for what authorities are calling one of the largest credit card schemes in U.S. history, according to a report by The Associated Press.

Authorities were tipped off after finding two credit cards bearing separate identities in Adetiloye’s possession, which ultimately led them to uncover a plot involving nearly 600 fraudulent bank accounts and almost $1.5 million in stolen funds.

Related: U.S. Leads the World in Credit Card Fraud

“Characterizing this fraud scheme as massive, if anything, is an understatement,” Assistant U.S. Attorney Nick Chase said in court documents.

In total, 22 major banks were affected and 500 individuals had their identities stolen. However, nearly 16,000 people had their information accessed while the plot was active.

In court documents, U.S. District Judge Ralph Erickson, stated: “The non-monetary harm to the victims was substantial. They lost sleep, they lost time with their families, they lost time at work and they lost their sense of security. Some victims spent hours trying to reclaim their credit record and their identities.”

According to court documents, U.S. Bank suffered the highest number of tainted accounts, 130, for a total loss of approximately $76,000. However, the companies who were hit the hardest monetarily were Citibank and Discover, who lost $271,000 and $248,000, respectively.

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