New court documents revealed that a $600,000 credit card scheme victimized many more credit unions than banks across 19 states, which was not previously reported publicly by federal authorities.
Michael Lee Thomas of Oakland, Calif., and Barbara John Lopp of Stockton, Calif., were sentenced to federal prison for conspiracy to commit bank fraud in U.S. District Court in Oakland last week.
New court documents, however, show that 33 credit unions in 13 states and only three banks in six states were victimized by the scheme that prosecutors called “complex and brazen.” But federal prosecutors did not explain why the California duo targeted many more credit unions than banks. Federal prosecutors did not return CU Times’ email and phone requests for comment.
continue reading »