Upper Marlboro Man Pleads Guilty to Credit Card Fraud, Bank Fraud and Aggravated Identity Theft
Used the Personal Identifying Information of a Tax Client to Obtain Credit Cards
and Lines of Credit
Greenbelt, Maryland - Eric Cade, age 51, of Upper Marlboro, Maryland, pleaded guilty today to credit card and bank fraud, as well as aggravated identity theft.
The guilty plea was announced by United States Attorney for the District of Maryland Rod J. Rosenstein and Postal Inspector in Charge Daniel S. Cortez of the U.S. Postal Inspection Service - Washington Division.
According to his plea, R.T. employed Cade to prepare his income tax returns and provided Cade with his date of birth, Social Security Number, employee information, pay stubs, and W-2 forms. From December 2000 to October 2007, Cade obtained multiple access devices with at least five separate financial institutions, namely credit cards or lines of credit, in the name of R.T.,and utilizing Individual R.T’s identifying information, without his knowledge or authorization. Cade used the credit cards and lines of credit for his own personal benefit.
Specifically, on or about December 15, 2000, through October 2007, Cade used R.T.’s identifiers to: obtain a Capital One credit card; open three American Express Card Accounts; obtain a Chase Bank credit card account in the name of R.T. and an entity that Cade owned; obtain a credit line with Dell in the name of an entity that Cade owned, listing R.T. as president; and secure a General Electric Premier Line of Credit in the name of R.T.. Cade used these accounts to make unauthorized charges and to write checks for his own benefit, including a $20,000 loan from GMAC Financial Services to purchase a 2005 Cadillac Escalade and a $12,000 convenience check made payable to Home One Properties, an entity which Cade incorporated with the state of Maryland in R.T.’s name, but that Cade controlled.
The total loss caused by Cade’s conduct was between $70,000 and $120,000.
Cade faces a maximum sentence of: 10 years in prison for unauthorized use of an access device; 30 years in prison for bank fraud; and a mandatory two years in prison, to be imposed consecutively to the other count of conviction for aggravated identity theft. U.S. District Judge Alexander Williams, Jr. scheduled his sentencing for August 25, 2011 at 9:30 a.m.
This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.
United States Attorney Rod J. Rosenstein thanked the U.S. Postal Inspection Service for its work in the investigation. Mr. Rosenstein praised Assistant U.S. Attorney Christen A. Sproule, who is prosecuting the case.