The U.S. Department of Justice (DOJ) has leveled serious accusations against a bank employee, alleging that they orchestrated a complex network of unauthorized transactions and illegal accounts, resulting in the theft of more than $2.1 million from unsuspecting customers.

In a comprehensive 17-count indictment, the DOJ has charged Yue Cao, a resident of Winfield, Illinois, with various offenses including bank fraud, aggravated identity theft, and engaging in monetary transactions involving criminally derived property. These charges are in connection with a scheme devised by Cao to pilfer funds from accounts belonging to victims of identity theft.

According to the allegations, between May 2022 and April 2023, Cao exploited their position at an Ohio-based bank, where they were employed, to defraud both the institution and its customers. The scheme involved diverting funds from the victims’ accounts to accounts under Cao’s control, including accounts established in the customers’ names without their knowledge or consent.

The stolen money, as per the DOJ, was then channeled by Cao for personal use. The agency reveals that Cao, who held the position of a “quantitative modeling analyst,” was able to leverage their role to identify vulnerable customers, particularly elderly individuals, who had not yet enrolled in online banking services. Cao allegedly enrolled these customers without their knowledge, using their names and fake email addresses.

Once these customers were unwittingly signed up for online banking, Cao purportedly exploited their accounts to execute unauthorized online transfers. Over the course of the scheme, Cao is accused of making at least $2.1 million in transfers from the victims’ legitimate accounts to the accounts set up in their names, as well as to their personal financial accounts.

The investigation into this case was conducted by the FBI’s Cleveland Division, and the prosecution is being handled by Assistant United States Attorney Edward Brydle.

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