Former Houston Banker Arrested for Bank Fraud
|Dec. 11, 2013|
HOUSTON – Carlos Ibarra, 33, formerly of Houston, has been arrested on charges of bank fraud and money laundering, announced United States Attorney Kenneth Magidson.
Ibarra was taken into custody yesterday without incident at a family member’s residence in Houston. He is expected to appear this afternoon before U.S. Magistrate Judge Stephen Wm. Smith at 2:00 p.m.
The 10-count sealed indictment was returned June 19, 2013, and unsealed upon his arrest. It alleges he knowingly executed a scheme to defraud Chase Bank and obtain money under the control of the bank by means of materially false and fraudulent pretenses.
Ibarra had been employed by J.P. Morgan Chase Bank in Houston. Between September 2010 and June 2012, Ibarra allegedly purchased cashier’s checks on an account at Chase that belonged to a deceased individual. According to the indictment, he gave those checks to others for them to deposit into their own bank accounts. They then made wire transfers and obtained cashier’s checks as instructed by Ibarra, according to the allegations.
If convicted, Ibarra faces up to 30 years imprisonment on each of three counts of bank fraud and a possible $1 fine. For the remaining seven charges of money laundering, Ibarra also faces up to 20 years and a maximum $500,000 fine upon each conviction.
The indictment further contains a notice of forfeiture of $779,000, alleged illegal proceeds derived from the charged crimes.
The case was investigated by the Secret Service and is being prosecuted by Assistant United States Attorney John Braddock.
An indictment is a formal accusation of criminal conduct, not evidence.
A defendant is presumed innocent unless convicted through due process of law.