By Katie Colaneri, WBGO News
Newark. February 5, 2013
Listen to Report
US Attorney Paul Fishman announces charges against 18 people in one of the largest credit card fraud scams he's seen.
Federal agents in New Jersey have busted an international credit card fraud ring. They say it?s one of the biggest and most sophisticated credit schemes they?ve come across.
Based in Jersey City, federal officials say the scheme spanned almost 30 states and several countries, and raked in at least $200 million.
US Attorney Paul Fishman says the defendants created thousands of fake IDs to apply for tens of thousands of credit cards.
?The goal is to get credit cards, get the credit limits as high as possible, then use those credit cards to max them out and then walk away.?
And Fishman says over the last five years, they took their time, working painstakingly to borrow more money they?d never repay.
Eighteen people have been charged with bank fraud and could face up to 30 years in prison, plus a million dollars in fines. Fishman says more charges could be on the way.
? 2013 WBGO News
Source: http://www.wbgo.org/newsarticle/nj-feds-bust-international-credit-card-fraud-ring
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