Theodore Sapperstein, a 67-year-old Maryland man, was sentenced to 30 months in prison for his involvement in a bank fraud conspiracy. Along with his coconspirators, Sapperstein created shell companies to unlawfully debit funds from victims’ bank accounts across the United States. The fraudulent scheme caused over $1.5 million in losses by falsely representing to banks that the debits were authorized payments for services provided by these shell companies.
To avoid detection, the conspirators used a tactic known as “micro debits,” small fraudulent transactions against other bank accounts they controlled. These micro debits lowered the return rates on the fraudulent transactions, making it less likely that banks would scrutinize the activity. Sapperstein played a key role in securing payment processing services to facilitate these unauthorized debits, furthering the scheme.
Law enforcement officials emphasized the importance of holding individuals accountable for financial schemes that steal from consumers. The U.S. Postal Inspection Service, which investigated the case, underscored its commitment to pursuing fraudsters who use personal financial information to steal money, bringing them to justice.
The case against Sapperstein is part of a broader investigation into a larger, long-running fraudulent scheme spanning several states, including California and Nevada. Several other conspirators have been charged and sentenced in related cases, with ongoing prosecutions in Los Angeles, San Diego, and Las Vegas. The U.S. Postal Inspection Service continues to investigate, and additional prosecutions are anticipated.
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