Monday, October 26, 2009

The sting

This, dear readers, is a big chunk of change that was stolen.

A really big chunk of change.

I doubt that USAA will see much in restitution from these folks.

Two sentenced for defrauding USAA out of $1.5 Million

Two Virginia men have been sentenced for defrauding USAA Bank in San Antonio out of more than $1.5 million by stealing people's identities and pretending to be in the military to get loans.

Joseph M. Cherry II, 29, of Norfolk, Va., was sentenced Friday to 112 months in prison, followed by five years of supervised release. Bruce Bridges, 26, of Virginia Beach, Va., was sentenced last week to 79 months in prison followed by five years of supervised release. Cherry was ordered to pay restitution of $796,801, and Bridges was ordered to pay back $803,087.

Bridges pleaded guilty on June 23 and Cherry pleaded guilty on July 28 to conspiracy to commit bank and mail fraud and a separate charge of money laundering. More than 20 other charges, which included aggravated identity theft, were dismissed as part of their plea deals.

The rest of the story: