A Long Island bus company owner has admitted to orchestrating a multi-million-dollar bank fraud conspiracy.
The U.S. Attorney’s Office for the Eastern District of New York says John Mensch rapidly wrote and deposited worthless checks between accounts at two local banks.
Using special privileges that let him access his money immediately, he tricked the banks into advancing him about $9.32 million that he and the company never actually had.
Says special agent in charge Matt McCool,
“This was not a victimless crime. It was a sophisticated scheme involving millions of dollars in fraudulent checks to benefit the defendant, while threatening the integrity of the banking system and harming his creditors, customers and employees.
This sentencing should serve as a warning to other criminal fraudsters: We will catch you and you will be held accountable.”
Mensch has now been sentenced to 18 months in prison for bank fraud conspiracy, and has been ordered to pay approximately $9.33 million in restitution for the crime.
The government’s case is being handled by the Criminal Section of the Office’s Long Island Division.
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