A Tucson man, Adam Sheafe, age 44, was sentenced to 94 months’ prison after a federal jury found guilty of conspiracy to commit bank fraud, and aggravated identity theft.
Sheafe used stolen credit card numbers obtained from co-conspirators to process hundreds of transactions through separate merchant accounts at Bank of America and Compass Bank. Sheafe conducted these fraudulent transactions in a short time-frame, and without the knowledge or consent of the actual cardholders. Sheafe rapidly moved the proceeds out of the merchant accounts before the banks discovered the scheme.
As a result of the scheme, the financial institutions suffered over $500,000 in losses.