An Inglewood man convicted of running a bank fraud ring that pilfered more than half a million dollars from Wells Fargo bank and its customers was sentenced to more than seven years in federal prison Thursday. Prosecutors said Ronald Charles Reed, 70, who pleaded guilty in March to federal bank fraud charges, recruited several employees at Wells Fargo branches and paid them to steal customer information, including account and Social Security numbers. Reed and the Wells Fargo employees — who also pleaded guilty — were indicted in 2015, accused of bank fraud and conspiracy to commit bank fraud. The FBI and U.S. Secret Service, which investigated Reed and the bank employees, are still looking for the three runners who participated in the scheme. Reed, who had been convicted several times before — including for making, using or selling fake credit cards — was sentenced to 89 months in prison in federal court in Los Angeles and ordered to pay restitution to Wells Fargo.

Source: Los Angeles Times January 13, 2017 03:07 UTC