News Tip

Medford Man Pleads Guilty to Bank Fraud and Money Laundering, Faces Decades in Prison

Eugene Koranteng, a 30-year-old from Medford, NJ, admits involvement in a complex financial fraud scheme, with sentencing scheduled for March 2024.

Medford, NJ – In a recent federal court hearing in Camden, Eugene Koranteng, a 30-year-old resident of Medford, New Jersey, entered a guilty plea to charges of bank fraud conspiracy and money laundering conspiracy, as announced by U.S. Attorney Philip R. Sellinger.

The plea, submitted on November 16, 2023, before U.S. District Judge Robert B. Kugler, unveils Koranteng's role in a fraudulent scheme involving forged checks and money laundering. Documents presented in court reveal how Koranteng, alongside Misty Sarfo-Adu, Emmanuel Yirenkyi, and others, conspired to commit bank fraud. The group acquired blank checks with the names and account information of unsuspecting credit card company customers, forged signatures, and negotiated these checks at financial institutions, leading to a loss of at least $95,000.

Additionally, Koranteng engaged in a separate scheme to launder money. Using his personal bank account, he managed checks amounting to at least $47,000, proceeds from unlawful activities. These actions were intended to obscure the origin and ownership of the funds.

The gravity of these offenses is reflected in the potential penalties: up to 30 years in prison and a $1 million fine for the bank fraud conspiracy, and a maximum of 20 years in prison and a $500,000 fine for the money laundering conspiracy. Sentencing is set for March 21, 2024.

Sarfo-Adu and Yirenkyi, co-conspirators in the bank fraud, had previously admitted guilt in front of Judge Kugler.

The successful investigation leading to Koranteng's guilty plea was a collaborative effort, with special agents of Homeland Security Investigations Newark, led by Acting Special Agent in Charge Michael Alfonso, playing a key role. The Moorestown Police Department was also instrumental in the investigation.

This case is being prosecuted by Assistant U.S. Attorney Jeffrey Bender of the U.S. Attorney’s Office in Camden, showcasing the ongoing efforts to combat financial fraud and uphold justice in New Jersey.

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