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Press Release

Bridgeport Man Sentenced for Bank Fraud Scheme

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

Vanessa Roberts Avery, United States Attorney for the District of Connecticut, announced that RONALD BOYD, 38, of Bridgeport, was sentenced today by U.S. District Judge Sarala V. Nagala in Hartford to 27 months of imprisonment, followed by three years of supervised release, for operating a bank fraud scheme. 

According to court documents and statements made in court, between November 2021 and April 2022, Boyd and others recruited individuals (“runners”) to open bank accounts at Newtown Savings Bank.  Boyd and others then used the bank accounts to conduct transactions so that the accounts appeared legitimate, known as “seasoning” the account.  Boyd deposited into the runners’ accounts counterfeit checks, as well as checks that were stolen from the U.S. Mail with the original payee and amount information “washed” and altered.  Boyd often obtained the illegitimate checks from other coconspirators and either provided the checks to the runners for deposit into their Newtown Savings Bank accounts, or he made the deposits himself through ATM transactions and through mobile deposits.  He then withdrew money from the accounts using a runner’s debit card to make purchases and obtain cash back, or to conduct ATM and in-branch withdrawals.

Boyd has been detained since May 8, 2023, when he was arrested on unrelated state charges.  On March 8, 2024, he pleaded guilty in federal court to conspiracy to commit bank fraud.

This matter was investigated by the U.S. Postal Inspection Service and was prosecuted by Assistant U.S. Attorney Robert S. Dearington.

Updated June 4, 2024

Financial Fraud