Philadelphia Man Sentenced For Bank Rip-Off

PHILADELPHIA - Eric Young, 40, of Philadelphia, Pennsylvania, was sentenced today to three years in prison for conspiracy to commit bank fraud and bank fraud. Young and co-conspirator Calvin Johnson ran a scheme in which they hired individuals to open bank accounts, made phony deposits, and made withdrawals from the accounts knowing there were insufficient funds. The defendants defrauded the banks of more than $250,000 between December 2011 and August 2012.

In addition to the prison term, U.S. District Court Judge Eduardo Robreno ordered Young to pay restitution to TD Bank in the amount of $268,656.56, serve three years of supervised release, and pay a $200 special assessment. Johnson is awaiting sentencing. Both defendants pleaded guilty.
The case was investigated by the Bensalem Police Department and the United States Secret Service. It is being prosecuted by Assistant United States Attorney Patrick J. Murray.

UNITED STATES ATTORNEY'S OFFICE, EASTERN DISTRICTof PENNSYLVANIA
Suite 1250, 615 Chestnut Street, Philadelphia, PA 19106
PATTY HARTMAN, Media Contact, 215-861-8525