The U.S. Department of Justice says an insider at a major US bank fueled a billion-dollar fraud scheme that stole the identities of over a million Americans.
The DOJ says 36-year-old Renat Abramov, a dual citizen of the United States and Azerbaijan, has admitted to abusing his position as a relationship manager to open fraudulent accounts on behalf of a massive criminal enterprise.
According to court documents, Abramov opened accounts at Bank of America for multiple shell medical equipment companies, bypassed know-your-customer protocols with forged documents, deposited fraudulent checks and laundered over $8 million in proceeds to offshore accounts and cryptocurrency wallets.
Prosecutors say his actions empowered the transnational criminal organization (TCO) which submitted more than $10 billion worth of fraudulent Medicare claims by stealing the identities of over one million Americans, including citizens in all 50 states.
Abramov has pleaded guilty to conspiracy to commit money laundering and faces up to 20 years behind bars.
He is scheduled to be sentenced on April 20th.
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