A 71-year-old man is facing prison time after admitting to stealing more than $1 million from the U.S. government and helping others launder millions more in stolen funds.
Case Overview
| Detail | Information |
|---|---|
| Defendant | Eric Banks |
| Age | 71 |
| Crime | Theft of U.S. Treasury check and money laundering |
| Amount Stolen | About $1.13 million |
| Additional Funds Laundered | Over $1.3 million |
| Sentence | 14 months in prison + 3 years supervised release |
Man Pleads Guilty to Stealing Treasury Check
According to the U.S. Department of Justice, Eric Banks pleaded guilty to stealing a U.S. Treasury check valued at approximately $1.13 million.
Prosecutors say the check was originally issued to a New York-based business.
Authorities allege Banks illegally took the check and then opened a bank account using the name of the company the check was meant for.
After creating the account, he deposited the stolen check and began moving the funds.
Efforts to Conceal the Money
Investigators say the scheme did not stop with the initial theft.
Banks allegedly carried out multiple financial transactions designed to conceal the source of the money obtained from the stolen Treasury check.
These transactions were intended to disguise the origins of the funds and make it more difficult for authorities to trace them back to the theft.
Additional Money Laundering Scheme
Federal prosecutors say Banks also played a role in helping several others launder stolen government money.
According to the Department of Justice:
- Banks created a second fake business entity
- He opened another bank account in the name of that entity
- Individuals who had deposited stolen Treasury checks transferred money into that account
More than $1.3 million was reportedly moved through the account created by Banks.
Other Suspects Facing Charges
Authorities say seven other individuals connected to the scheme are facing separate criminal charges.
Those individuals are accused of collectively stealing approximately $7.44 million from the U.S. government through similar fraudulent activities involving Treasury checks.
Sentencing and Supervision
As part of the case resolution, Banks is expected to serve 14 months in federal prison.
After completing his prison sentence, he will also serve three years of supervised release.
Supervised release typically includes monitoring and restrictions designed to prevent further criminal activity.
