tl;dr
Two California men, Ayman Alaaraj and Ahmad Nassar, face up to 30 years in prison for allegedly fraudulently accessing elderly victims' bank accounts and stealing over $794,000. Charged with bank fraud and aggravated identity theft, they used techniques like phone number porting to bypass two-factor...
Two California men, Ayman Alaaraj and Ahmad Nassar, face up to 30 years in prison for allegedly orchestrating a scheme that fraudulently accessed elderly victims' bank accounts and stole over $794,000. The pair used sophisticated techniques, including phone number porting, to bypass two-factor authentication and take control of several bank accounts. Once inside, they drained funds and ran up unpaid credit card debts, resulting in substantial financial losses.
The stolen money was moved through pass-through accounts established under the victims' names and funneled through Alaaraj’s businesses. The defendants used various methods to transfer funds to themselves, including ATM cash withdrawals, personal checks, Western Union, and Zelle transactions. They further utilized the ill-gotten gains for credit card payments, online gambling, and purchasing a luxury Mercedes.
Charged with bank fraud and aggravated identity theft, Alaaraj and Nassar face stringent penalties if convicted. Each count of bank fraud carries a potential sentence of up to 30 years and a $1 million fine, while the aggravated identity theft charge mandates a minimum two-year prison term and fines up to $250,000 or double the gross gain or loss. This case underscores the dangers elderly individuals face from sophisticated financial fraud schemes and highlights the legal consequences for perpetrators.