Numerous defendants have been convicted and sentenced for participating in a $50 million bank fraud conspiracy that featured a network of bank employees and others. The fraud scheme at the center of this case was carried out in Minnesota, California, Massachusetts, Arizona, New York, and Texas during a five-year period between 2006 and 2011.
Through the fraud, the co-conspirators obtained or attempted to obtain well in excess of
$50 million. The financial institutions victimized include American Express, Associated Bank,
Bank of America, Capital One, Guaranty Bank, JP Morgan Chase Bank, TCF Bank, US Bank,
Wachovia Bank, Washington Mutual, and Wells Fargo Bank. The case resulted from an ongoing
investigation, dubbed Operation Starburst, and led by the Minnesota Financial Crimes
Task Force. That task force was established pursuant to state law and is comprised of local,
state, and federal law enforcement investigators who work to combat the growing trend of
cross-jurisdictional financial crimes.
August 13, 2012
February 28, 2012
March 9, 2011
Victim Impact Statement
If you believe you are a victim of this scheme, please print out the victim impact statement, fill it out and return it to the address on the form. For questions regarding the victim impact statement, contact Senior U.S. Probation Officer Rebecca Chaiken at 612-664-5398.
The government has received and continues to receive significant victim input concerning this matter. Such input is invaluable as it informs the prosecution team concerning the impact of these crimes on victims and provides important insight as to victims' opinions concerning the case. If you are a victim and wish to provide input to the government concerning possible negotiated plea agreements, please do so at your earliest convenience to ensure that your input is considered in this process.
Please send the input to: