Wassim Abouassali, Luis Jimenez, Jesus Venereo, Lazaro Perez, and Raul Riveron were all charged in the Southern District of Florida with varying counts of bank fraud, conspiracy to commit bank fraud, and aggravated identity theft, the release indicates.
They each face more than 30 years in prison if fully convicted.
The scheme involved paying for personal information – including Social Security numbers and banking data – and using it to make changes to and take control of bank accounts. Members of the group then created counterfeit and forged checks, which they attempted to cash at banks.
Financial institutions reported millions of dollars in losses.