The US Department of Justice says a member of a major US bank fueled a billion-dollar fraud scheme that stole the identities of more than a million Americans.
The Justice Department says Renat Abramov, 36, a dual citizen of the United States and Azerbaijan, admitted to abusing his position as a relationship manager to open fraudulent accounts on behalf of a massive criminal enterprise.
According to court documents, Abramov opened Bank of America accounts for multiple shell medical equipment companies, circumvented know-your-customer protocols with falsified documents, deposited fraudulent checks, and laundered more than $8 million in profits into offshore accounts and cryptocurrency wallets.
Prosecutors say their actions empowered the transnational criminal organization (TCO) that submitted more than $10 billion worth of fraudulent Medicare claims by stealing the identities of more than one million Americans, including citizens of all 50 states.
Abramov pleaded guilty to conspiracy to commit money laundering and faces up to 20 years behind bars.
His sentencing is scheduled for April 20.
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