Gone in 60 Seconds (bank fraud)

Gone in 60 Seconds was a fraud scheme uncovered in 2012 involving the theft of over $1 million from Citibank using cash advance kiosks at casinos located in Southern California and Nevada.[1]

Working scheme

After garnering a sizable sum of money, allegedly illegally, from cash-advance kiosks, the suspects went on gambling sprees at casinos.[2] Some casinos gave them free rooms after mistaking them for people who spent a lot of money legitimately.[3] The gang reportedly also kept each individual withdrawal below $10,000, which is the threshold at which casinos must report the transaction to federal authorities.[4]

When Citibank noticed the discrepancies, it alerted the authorities, leading to an FBI-led investigation that resulted in the arrest of the suspects in a series of raids in southern California.[5]

Charging by FBI

Keshishyan Released from Prison mid 2017 Beginning 2018 Fifteen individuals were charged following an FBI-led investigation into the theft of over $1 million from Citibank using cash advance kiosks at casinos located in Southern California and Nevada.[1] FBI agents assisted by the Glendale Police Department and the Los Angeles Police Department arrested 14 of the defendants in the Los Angeles area.[6]

An alleged ringleader has been accused of 14 cases of bank fraud, and each of these accusations is potentially punishable with up to 30 years imprisonment and a $1 million fine.[7] The other 14 group members face up to five years in prison and $250,000 in fines on charges of conspiracy to commit bank fraud and conspiracy to illegally structure financial transactions to avoid reporting requirements.[8]

References

  1. 1 2 "Hackers Steal $1 Million from Citibank".
  2. ↑ Ktla.com: 14 Accused of Using Citibank Casino Kiosks to Run Scam
  3. ↑ Vcstar.com: Fillmore man among group accused of using casino kiosks to steal $1 million from bank
  4. ↑ "60-Second Cash Kiosk Hackers Steal $1 Million: FBI". Dark Reading.
  5. ↑ "FBI cuffs 14 over $1m 'Gone in 60 Seconds' casino scam".
  6. ↑ "FBI — Fourteen Charged in Million-Dollar 'Gone in 60 Seconds' Bank Fraud". FBI.
  7. ↑ "Ocean's 14 - high-speed bank fraud at casinos". 31 October 2012. Archived from the original on 7 December 2013.
  8. ↑ "FBI Charges 14 In Casino Kiosk Scam". msnbc.com.
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