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

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