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Press Release

Chicago Man Sentenced to Nine Years in Prison for Bank Fraud and Identity Theft

For Immediate Release
U.S. Attorney's Office, Central District of Illinois

PEORIA, Ill. –Boyd Egan, of Chicago, Illinois, was sentenced on August 13, 2021, to nine years in federal prison, to be followed by five years of supervised release, for bank fraud and identity theft. Egan also was ordered to pay $160,954.54 in restitution.

Egan, who pleaded guilty to the charges, defrauded numerous banks and individuals throughout Illinois. According to court documents, Egan unlawfully obtained the personal information of victims, including their names, dates of birth, social security numbers, personal banking information, and phone numbers. To effectuate the fraud, Egan typically used a high-quality fake driver’s license and credit card that contained the victim’s stolen personal information but bore Egan’s picture. In many instances, Egan carried out a “SIM swap” as well, wherein he took over the victim’s personal phone number and imported it to a mobile device of his own. Egan would then enter the victim’s bank; pretend to be the victim; and withdraw cash, obtain a cashier’s check, or attempt to do so.

In total, Egan was connected to at least 30 victims whose stolen identity he used to hijack their phone number and withdraw or attempt to withdraw funds from their bank accounts. Egan’s criminal conduct dated back to August 2019 and was state-wide, spanning the Chicago suburbs to central and southern Illinois. He was ultimately arrested by the Pekin Police Department on January 27, 2020, in central Illinois after attempting to withdraw money from a local physician’s account. 

At the sentencing hearing, U.S. District Court Judge Joe B. McDade noted that scheme was well-planned and that Egan harmed the many victims of his crime. Several victims provided impact statements to the court.

“This case starkly demonstrates the risks and potential harm inherent in modern technology as it relates to identity protection and theft, cellular telephones, and mobile banking” said Acting U.S. Attorney Douglas J. Quivey. “Our office remains committed to working with all of our law enforcement partners to investigate and prosecute increasingly complex and changing fraud schemes. It is imperative that consumers diligently monitor and protect their data and financial transactions and report issues promptly.”

“This case is an excellent example of the great working relationships the Secret Service maintains with our State and local law enforcement agency partners,” said U.S. Secret Service Resident Agent in Charge Jeff Rinehart, of the Springfield, Illinois, field office. “It also illustrates the importance of the Secret Service’s efforts to stay at the cutting edge of cyber investigative capabilities as they relate to crimes involving this level of technology.”

Egan has remained in the custody of the U.S. Marshals since his arrest.

The U.S. Secret Service investigated the case with the assistance of numerous law enforcement agencies throughout the state; primary assistance was provided by the Hinsdale and Pekin Police Departments. Assistant United States Attorney Katherine Legge represented the government in the prosecution.

Updated August 17, 2021

Financial Fraud