Home Equity ID Criminals Caught in NJ; VA
New Jersey state and government law enforcement officials have arrested four men in connection with a ring that stole millions from existing home equity lines of credit, The Washington Post has reported.
Even more frightening, three individuals pleaded guilty in Virginia to being co-conspirators to the New Jersey gang. $10 million may have been heisted by the group, authorities said.
Arrests Made Across the U.S.
Under arrest for this ongoing series of thefts are Derrick Polk, of Los Angeles; Oludola Okinmola of Brooklyn, NY; Oladeji Craig, also from Brooklyn; and Oluwajide Ogunbiyi of Springfield, IL.
The heists were global, with millions of dollars funneled to fellow criminal controllers in Canada, Japan and South Korea, as well as other countries. The men are accused of wiring in excess of $2.5 million to the international crime lords.
The arrests follow others between August and October 2008, with some conspirators in the ring facing up to 30 years in prison and $1 million in fines for their misdeeds.
A Criminal Combination
The canny thieves are believed to have used both computer technology and “old-fashioned” con artist tactics to obtain information on the credit holders, according to reports.
Critical information such as the credit holder’s mother’s maiden name, his or her Social Security number and date of birth were fished from public records (such as mortgages) and from internet databases. Astonishingly, the thieves were even able to acquire copies of victims’ signatures by these methods.
Boldly, they then moved ahead by calling the individuals’ banks to request that monies be wired to international accounts.
Posing as Companies
Some members of the ID criminal gang also posed as certain well-known companies, including Verizon, claiming to be–of all things–the victim. In this instance, the “victim” (crime ring member Hakeem Olokodana) asked calls to be forwarded to a different location.
Verizon spokesperson Eric Rabe told the Post, “We are a frequent target of these kinds of attacks.” However, he insisted, “ …while we may not be 100 percent successful at stopping them, we certainly have lots of measures in place to prevent this sort of thing.”
Hiding in Plain Sight
It can be difficult to detect and find the center of a crime ring, but the criminals in this case made things even stickier for authorities by hiding their own identities.
Allegedly, the Virginia thieves used prepaid cell phones, PC wireless cards and other means to hide behind virtually untraceable non-identities while doing the dirty work of robbing their unsuspecting victims of as much as $10 million.
They also made use of free internet e-mail services, which can be all but untraceable without a solid lead, according to some internet crime experts.
Experts Urge Caution and Watchfulness
In the wake of the arrests among the far-flung gang, experts involved in the case warned consumers–particularly those with home equity and good credit–to keep a closer eye than ever on their finances.
“Home equity lines of credit are an expanding front in the battle against mortgage fraud, pointed out New Jersey U.S. attorney Christopher J. Christie in a comment to the Post. “Homeowners should carefully review their statements to make sure their hard-earned equity is not disappearing from under their noses.”
That’s advice any homeowner can take to the bank.
