Two Philadelphia Men Charged In Bank Fraud Conspiracy

Eric Young, 39, and Calvin Johnson, 41, both of Philadelphia, Pennsylvania, were charged today by Indictment with one count of conspiracy to commit bank fraud and one count of bank fraud, announced United States Attorney Zane David Memeger.

According to the indictment, Young and Johnson ran a scheme in which they hired individuals to open bank accounts, made phony deposits, and made withdraws from the accounts knowing there were insufficient funds. The indictment alleges that the defendants defrauded the banks of more than $100,000 between December 2011 and August 2012.

If convicted on all counts, Young and Johnson each face a maximum possible sentence of 35 years imprisonment, a five-year period of supervised release, a fine of up to $1.25 million, a $200 special assessment, and full restitution.

The case was investigated by the Bensalem Police Department and the United States Secret Service. It is being prosecuted by Assistant United States Attorney Patrick J. Murray.

Click here to view the indictment

UNITED STATES ATTORNEY'S OFFICE, EASTERN DISTRICTof PENNSYLVANIA
Suite 1250, 615 Chestnut Street, Philadelphia, PA 19106
PATTY HARTMAN, Media Contact, 215-861-8525