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13 arrested for one of the largest-ever credit card fraud schemes

Defendants accused of $200 million scam that crossed eight countries and 28 states

On Monday, federal authorities arrested 13 people in conjunction with an enormous international credit card fraud scheme, filled with fake identities, altered credit reports and other forms of intrigue.

According to authorities, the scheme is one of the largest credit card fraud cases ever brought by the Department of Justice, involving eight countries and 28 states, and scamming financial institutions out of more than $200 million. Federal prosecutors filed a criminal complaint in New Jersey.

The defendants, who include five people not currently in custody, allegedly formed fake businesses just to get credit card terminals and use the money on things like gold, spa treatments and fancy cars. They are accused of making up fictional people to add as users on the credit cards, and conspiring with a credit repair company to improve credit scores using fake lines of credit.

Read more at the Wall Street Journal.


For more InsideCounsel coverage of credit card-related lawsuits, see below:

Credit card companies go to trial over arbitration agreement

Retailers appeal $7.2 billion Visa/MasterCard settlement

Shell wins suit over credit card numbers on receipts

Antitrust case against Citigroup and Discover moves forward

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