Maryland man sentenced to 30 years in prison for conspiracy to commit bank fraud across the country

Theodore Sapperstein, 67, of Maryland, was sentenced to 30 years in a federal prison for his involvement in a complex bank fraud scheme. He and his accomplices illegally withdrew money from bank accounts of unsuspecting victims across the United States.

The fraudsters created shell companies and deceived banks into believing that withdrawals from victims' accounts were authorized payments for services. To conceal their activities and continue the scheme, they made “micro-withdrawals” from other accounts they controlled.

These small withdrawals were designed to evade bank scrutiny and ensure a smooth transaction. Sapperstein's role was to facilitate these fraudulent micro-debits and secure payment processing services for the system.

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“Anyone who knowingly participates in schemes that use American consumers' personal financial information to steal money from their accounts will be held accountable,” said Brian M. Boynton, Assistant Attorney General and Chief of the Justice Department's Civil Division. “We are committed to investigating and prosecuting individuals who facilitate such schemes.”

“For those who believe they can easily gain financial gain by stealing hard-earned money, the U.S. Postal Inspection Service wants them to know that we will hold them accountable for the pain and loss they have caused,” said Inspector in Charge Eric Shen of the U.S. Postal Inspection Service's (USPIS) Criminal Investigations Group. “Today's conviction of Mr. Sapperstein and others who knowingly participated in these schemes is the culmination of law enforcement's tireless collaboration to bring these criminals to justice and continue to vigilantly protect the American public.”

The scheme cost victims more than $1.5 million in losses nationwide. Officials from the Department of Justice, the U.S. Postal Inspection Service and the U.S. Attorney's Office stressed their commitment to prosecuting those who participate in such schemes and steal from hard-working Americans.

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The investigation is ongoing, and another person in California was recently charged. The plot is also connected to other cases in Los Angeles, San Diego and Las Vegas.

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