Rancho Cordova Man Sentenced for $1M Bank Fraud Scheme

Huyen T. Le, a Rancho Cordova resident, was sentenced today to 3 years and five months in prison, followed by five years’ supervised release, for bank fraud and structuring financial charges. Le pleaded guilty to the charges in May.

Special Assistant United States Attorney Jean M. Hobler said Le used credit cards belonging to both his business and another to force credit card transactions over their credit limits. Le attempted over $1 million in transactions in July and September 2008 and received over $360,000 from the banks that issued the charge cards, Hobler said.

Hobler also said Le took the money and shuffled it among various bank accounts by making deposits less than $10,000 to avoid the transactions being reported, and Le even invested some of the money into two homes. The case is the product of an investigation involving several departments, including the Internal Revenue Service, the Sacramento Police Department, the Sacramento County Sheriff’s Department and the Immigrations and Customs Enforcement.

U.S. District Judge Frank C. Damrell showed disapproval for Le’s actions. “You acted irresponsibly,” he said to Le at the sentencing. “You chose to steal. No one imposed these burdens on you — you imposed them on yourself.”

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Posted by Anne Lowe on Nov 2 2009. Filed under Business, Public Safety. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.