Theodore Sapperstein, 67, of Maryland, was sentenced to 30 years in federal prison for his role in a complex bank fraud scheme. He and his co-conspirators illegally withdrew money from unsuspecting victims’ bank accounts across the U.S.
The fraudsters created shell companies and misled banks into believing that withdrawals from victims’ accounts were authorized payments for services. To hide their activities and continue the scheme, they made “micro debits” from other accounts they controlled.
These small debits aimed to avoid bank scrutiny and keep the operation running smoothly. Sapperstein’s role involved facilitating these fraudulent microdebits and securing payment processing services for the scheme.
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“Those who knowingly participate in schemes to use personal financial information about American consumers to steal money from their accounts will be held accountable,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “We are committed to investigating and prosecuting individuals who facilitate such schemes.”
“For those who think they can take the easy road to financial gains by stealing money people have worked hard for, the U.S. Postal Inspection Service wants you to know we will hold you accountable for the pain and losses you cause,” said Inspector in Charge Eric Shen of U.S. Postal Inspection Service (USPIS) Criminal Investigations Group. “Today’s sentencing of Mr. Sapperstein along with others who knowingly participated in these schemes is the culmination of relentless teamwork by law enforcement to bring these criminals to justice and continue to vigilantly protect the American public.”
The scheme caused over $1.5 million in losses to victims nationwide. Officials from the Justice Department, U.S. Postal Inspection Service, and the U.S. Attorney’s Office emphasized their commitment to prosecuting those who participate in such schemes and steal from hardworking Americans.
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The investigation is ongoing, with charges recently filed against another individual in California. The scheme is also linked to other cases in Los Angeles, San Diego, and Las Vegas.
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