PROVIDENCE, R.I. — A Rhode Island man has admitted to a federal judge that he defrauded banks by creating and depositing tens of thousands of dollars’ worth of bogus checks, Acting U.S. Attorney Sara Miron Bloom said Wednesday.
Jarrod Smith, 43, of Providence, pleaded guilty on Tuesday to a charge of conspiracy to commit bank fraud, Bloom said in a statement.
Smith admitted to the court that he used information from stolen checks, primarily business checks, to create bogus checks that were then deposited into bank accounts of people that he or others recruited and enticed, often times through social media, Bloom said.
Shortly after the checks were deposited, Smith or another person withdrew the proceeds from the bank accounts, prosecutors said.
Participants in the scheme were also paid for the use of their bank accounts, prosecutors said.
Smith is scheduled to be sentenced on Aug. 19.
The Federal Bureau of Investigation investigated the case, which is being prosecuted by Assistant U.S. Attorneys Christine Lowell and Taylor Dean.
This is a developing story. Check back for updates as more information becomes available.
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