Three New York Chinese citizens have been officially indicted by a Pennsylvania federal grand jury on June 23 for allegedly using stolen identities and defrauding multiple banks. If convicted, the three individuals could face sentences of over a hundred years.
The defendants are 33-year-old Fanchao Zeng, 26-year-old Zhongzhou Lin, and 32-year-old Yanping Li. Zhongzhou Lin was arrested in the Queens borough of New York City on June 3. According to the charges, they obtained substantial funds by stealing bank account information and forging driver’s licenses to masquerade as legitimate account holders from various banks.
The indictment alleges that the defendants, along with other conspirators, unlawfully obtained Home Equity Line of Credit (HELOC) funds by using stolen bank account information and forged driver’s licenses. These funds were then transferred to accounts controlled by the conspirators and withdrawn through various means.
Prosecutors claim that Zeng and Lin identified victims with HELOCs in advance and submitted false address changes through the Pennsylvania Department of Transportation website. They then reapplied for driver’s licenses with the new addresses to gain control. Subsequently, they transferred the HELOC funds to accounts related to the victims or established fraudulent accounts for receiving payments, sometimes transferring funds over the phone or in person at the bank.
Furthermore, the case reveals that the defendants collaborated with so-called “runners” who used forged driver’s licenses to withdraw cash from the victims’ HELOC accounts or purchase high-value checks at banks. Yanping Li is alleged to have been one of the runners involved in multiple cash withdrawals.
The charges against the three individuals include one count of conspiracy to commit bank fraud, five counts of bank fraud, two counts of aggravated identity theft, as well as aiding and abetting.
If convicted, Fanchao Zeng could face a maximum sentence of 131 years in prison, five years of supervised release, and a $5 million fine. Zhongzhou Lin may face up to 159 years in prison, five years of supervised release, and a $5.75 million fine. Yanping Li could potentially receive a sentence of up to 101 years in prison, five years of supervised release, and a $4.25 million fine.