For the approximate six-year duration of the fraudulent scheme, defendants conspired to cause at least $8 million in losses, with victims in Orange, Los Angeles, San Bernardino counties, as well as in Arizona, Texas and Nevada, prosecutors said.
There were no losses after the ARMENIANS joined in the summer of 2009 the scheme initiated by AFRICAN Americans, prosecutors said. But sentencing in federal court is also about intended losses and among other factors the judge will take that into consideration along with any criminal histories of the defendants.
The defendants did everything they could to bypass bank security systems to drain the accounts of victims, many of them unsuspecting seniors whose sense of security was violated, McNally said in his opening statement.
According to the government's trial memo, as early as 2005, the defendants and co-conspirators used bank insiders to execute a sophisticated fraud scheme throughout Southern California, targeting individual bank accounts by obtaining confidential information.
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