Vice President of A&B Check Cashing Indicted in $12.4 Million Check Kiting Scheme

February 6, 2009

Baltimore, Maryland - A federal grand jury indicted Brian I. Satisky, age 56, of Pikesville, Maryland, today for bank fraud in connection with a check kiting scheme which allowed A & B Check Cashing to draw money on inflated balances from its business accounts, announced United States Attorney for the District of Maryland Rod J. Rosenstein.

According to the 12 count indictment, Brian Satisky and his brother Alec, who is deceased, owned and operated Colleen, Inc., which was a money services company doing business as A & B Check Cashing and operating from as many as twenty-one locations in the Baltimore metropolitan area. A & B Check Cashing operated as a money services business which for a fee, cashed checks, sold money orders, transferred money and provided bill payer services for utility or telephone bills. A & B Check Cashing deposited checks it received from customers into its bank accounts at two separate banks. Both banks permitted A & B Check Cashing to write checks and make cash withdrawals against the uncollected balance of its bank accounts.

The indictment alleges that from 2003 to about June 21, 2006, Brian Satisky and his brother operated what is commonly called a “check kite,” causing A&B checks drawn on its account at the first victim bank to be deposited into its account at the second victim bank, and vice versa, for the purpose of inflating the bank balances in both bank accounts and permitting A & B to draw money on those inflated balances. When the kite collapsed in June 2006, one victim bank suffered a loss of $1.8 million and the second suffered a loss of $10.6 million.

Satisky faces a maximum sentence of 30 years in prison and a $1 million fine on each of the 12 counts of bank fraud. No court appearance has been scheduled.

A & B Check Cashing is no longer in business.

An indictment is not a finding of guilt. An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings.

United States Attorney Rod J. Rosenstein thanked the Federal Bureau of Investigation for its investigative work. Mr. Rosenstein commended Assistant United States Attorney Joyce McDonald, who is prosecuting the case.



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