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Article: Massachusetts closing in on check-fraud ring. (Massachusetts attorney general's office)
- Article from:
- American Banker
- Article date:
- December 15, 1993
- Author:
CopyrightCOPYRIGHT 1993 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Massachusetts attorney general is planning to seek indictments of 19 people by the end of the month for running a check-fraud ring that cashed $500,000 in phony and stolen checks throughout New England.
An official who asked not to be named said that the losses were incurred mostly by supermarkets, although some banks, including Shawmut National Corp. and Bank of Boston, lost thousands of dollars.
Though the case is only one of the innumerable instances of check fraud around the country, it highlights the persistence of losses and the ease with which criminals can use fraudulent or stolen checks to get money.
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