Former Bank Analyst Sentenced to over Five Years in Prison in Bank Fraud Scheme and for Illegal Sale of Oxycodone

Defendant and Co-Conspirator Executed 36 Fraudulent Wire Transfers 
from Clients’ Accounts Resulting in a Loss of $415,000

September 13, 2010

Baltimore, Maryland - U.S. District Judge J. Frederick Motz sentenced Jason Pall, age 33, of Joppa, Maryland, today to 66 months in prison followed by three years of supervised release for conspiracy to commit bank fraud and possession with intent to distribute oxycodone. Judge Motz also entered an order requiring Pall to pay restitution of $189,000, the amount of loss Pall is held responsible for, in addition to $226,000 which Judge Motz previously ordered that Pall’s co-conspirator pay in restitution as the result of his role in the scheme.

The sentence was announced by United States Attorney for the District of Maryland Rod J. Rosenstein; Special Agent in Charge Richard A. McFeely of the Federal Bureau of Investigation; and Chief James W. Johnson of the Baltimore County Police Department.

According to Pall’s plea documents, from June 2008 to May 2009, Pall was part of a scheme to defraud Wells Fargo Bank, where he worked as a securities analyst. Wells Fargo acted as a trustee for collateralized debt obligation (CDO) clients and was responsible for using money generated by the CDOs to pay invoices for its CDO clients. Pall was responsible for executing wire transfers on behalf of certain CDO clients. To do this, Pall would receive an invoice to pay, fill out a wire instruction and submit both to a supervisor for approval. Once approved, the wire transfer would be executed to pay the invoice.

Beginning in June 2008, Pall and a Wells Fargo supervisor, Andrew Rosenfeld, created false invoices and set up fraudulent wire transfers to match those invoices. After either having Rosenfeld approve the wire, or by getting an unwitting employee to approve it, Pall and Rosenfeld transferred money into bank accounts controlled by them or their friends, and then split the proceeds. In total, Pall and Rosenfeld defrauded Wells Fargo by executing 36 fraudulent wire transfers totaling approximately $415,000.

In addition, on April 24, 2009, Pall arranged with an undercover detective, whom he believed to be a drug supplier, to purchase 500 80 mg Oxycontin pills for $20 per pill. In exchange, Pall agreed to pay $10,000 and provide the undercover detective with 4.5 ounces of crack cocaine. Between April 24 and May 11, 2009, Pall and the undercover detective discussed the arranged buy and renegotiated the price of the Oxycontin to $35 per pill. On May 13, 2009, Pall met with the undercover detective and gave him $12,500 for 500 Oxycontin pills. Pall was arrested and admitted that the $12,500 belonged to Wells Fargo Bank.

Andrew Rosenfeld, age 39, of Ellicott City, Maryland, previously pleaded guilty to his role in the scheme and was sentenced to a year and a day. Judge Motz also ordered that Rosenfeld pay restitution of $226,000.

United States Attorney Rod J. Rosenstein commended the Federal Bureau of Investigation and the Baltimore County Police Department for their assistance in the investigation. Mr. Rosenstein thanked Assistant United States Attorney Ayn Ducao, who prosecuted the case.

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