FBI Busts 18 in $200M Fraud, Identity Theft Ring

By Jonathan Dienst, Joe Valiquette and Shimon Prokupecz
|  Tuesday, Feb 5, 2013  |  Updated 1:11 PM EDT
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FBI Busts 18 in $200M Fraud, Identity Theft Ring

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Nearly two dozen people face federal charges in connection with a vast fraud and identity theft ring that caused more than $200 million in losses to the financial and credit card industry, NBC 4 New York has learned.

Teams of FBI and U.S. Secret Service agents as well as U.S. Postal Inspectors began making arrests early Tuesday in New Jersey and several other states in connection with the takedown, law enforcement officials said.

The charges are expected to be outlined later Tuesday by federal prosecutors in New Jersey and include bank fraud, mail fraud, wire fraud, mortgage fraud and identity theft.

The defendants arrested in New Jersey are expected to be arraigned in federal court in Newark later Tuesday.

 

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