Arizona Man Arrested for Role in Bank Fraud & Money Laundering Conspiracies
SIOUX FALLS - United States Attorney Alison J. Ramsdell announced that a federal grand jury has indicted a Tempe, Arizona, man for Conspiracy to Commit Bank Fraud and Conspiracy to Launder Monetary Instruments.
Emilio Herrera, age 22, was indicted in September of 2022. He appeared before U.S. Magistrate Judge Mark A. Moreno on December 1, 2022, and pleaded not guilty to the Superseding Indictment.
The maximum penalty upon conviction is up to up to 30 years in custody for Bank Fraud Conspiracy, 20 years in custody for Money Laundering Conspiracy, and/or a $250,000 fine, three years of supervised release, and $100 to the Federal Crime Victims Fund. Restitution and forfeiture may also be ordered.
According to the Superseding Indictment, in 2020 and continuing until April 2022, Herrera, along with his co-conspirators, agreed to knowingly conduct and attempt to conduct bank fraud and associated financial transactions, including money laundering. Herrera’s and his co-conspirators’ conduct adversely impacted financial institutions throughout the Sioux Falls area and elsewhere, including, but not limited to, First Premier Bank, Wells Fargo Bank, Levo Credit Union, First National Bank, First Bank and Trust, U.S. Bank, American Bank and Trust, American State Bank, Navy Federal Credit Union, Pima Federal Credit Union, JP Morgan Chase, and Security National Bank of South Dakota. These defendants, as alleged, schemed to obtain money, funds, and other property owned by, and under the custody and control of, the aforementioned financial institutions, by means of false or fraudulent pretenses, representations, and promises. After obtaining funds through fraud, the co-conspirators and others engaged in depositing, transferring, wiring, and withdrawing currency and funds at financial institutions. These transactions involved the proceeds of the bank fraud identified above.
The charges are merely accusations and Herrera is presumed innocent until and unless proven guilty.
The investigation is being conducted by IRS Criminal Investigation, Homeland Security Investigations, Sioux Falls Police Department, SD Highway Patrol, and the U.S. Postal Service.
Assistant U.S. Attorney Jeremy R. Jehangiri is prosecuting the case.
Herrera was released pending trial. A trial date of February 7, 2023, has been set.