Laundered Money Through Shell Companies To Purchase Expensive Items

Two brothers charged with using stolen identities to secure airplane loans from several banks worth about $2 million have been convicted in U.S. District Court in Worcester, MA, with sentencing set for May 9. Ryan Miller and James Dusten Miller were found guilty of bank fraud, money laundering and charges related to identity theft, according to the Associated Press.

In a news release issued at the time of their arrest by the U.S. Attorney’s Office, District of Massachusetts, James Dusten Miller and Latoya Monique James were charged in a complaint with conspiracy to commit bank fraud and bank fraud, and conspiracy to commit money laundering and money laundering.

According to the criminal complaint, beginning in January 2014 through January 2016, Miller and James, along with at least two other co-conspirators, obtained and attempted to obtain multiple fraudulent airplane and car loans from banks in multiple states, including Massachusetts. In order to commit these frauds, Miller, James, and their co-conspirators allegedly used false and stolen identities. In one instance, Miller, James, and their co-conspirators obtained a fraudulent airplane loan for $382,500 from Commerce Bank in Worcester by using at least one stolen identity. Miller and James laundered the proceeds of the airplane loan through several bank accounts created in the name of a fictitious entity. The proceeds were then allegedly distributed into financial accounts controlled by the defendants and their co-conspirators, and used to purchase items such as luxury cars and a watch. In total, Miller, James and their co-conspirators obtained or attempted to obtain more than $1.5 million in fraudulent loan proceeds.

The charges of bank fraud and conspiracy to commit bank fraud each provide for a sentence of no greater than 30 years in prison, five years of supervised release and a fine of $1 million or twice the gross gain or loss, whichever is greater. The charges of money laundering and conspiracy to commit money laundering provide for a sentence of no greater than 20 years in prison, three years of supervised release and a fine of $500,000 or twice the value of the property involved in the transaction, whichever is greater. Actual sentences for federal crimes are typically less than the maximum penalties. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

The penalties imposed by the court were not reported.

FMI: Original report