Home Industries Financial Services Bristol among victims of $9M bank fraud scheme

Bristol among victims of $9M bank fraud scheme

By

PBN Staff

-

12/12/2024

6VJFxraZ-lTMEr3yY-qIcqSA6y-6v7fYdjo-LlLmdU6w-p2eAEw4o-9EcP8RiM-PVMYynWF-gceDU78f-svXubYP8-courthouse-1-1 — A CALIFORNIA MAN has been indicted for his role in a bank fraud and money laundering conspiracy theory that allegedly defrauded businesses, individuals and the town of Bristol out of nearly $9 million, U.S. Attorney for Rhode Island Zachary A. Cunha announced Thursday. / COURTESY U.S. DISTRICT COURT

PROVIDENCE – A California man has been indicted for his role in a bank fraud and money laundering scheme that allegedly defrauded businesses, individuals and the town of Bristol out of nearly $9 million, U.S. Attorney for Rhode Island Zachary A. Cunha announced Thursday. Alec Tahir Baker, 60, of Corona, Calif., has been charged with conspiracy

Already a Subscriber? Log in

To Continue Reading This Article

Become a Providence Business News subscriber and get immediate access to all of our premier content and much more.

Learn More and Become a Subscriber

Critical RI business news and analysis updated daily.
1 year of print (26 issues).
Unlimited access to all subscriber only content on our website, on any device.
Free email alerts.
Annual Book of Lists Print Edition.
All special issues produced during subscription term.

Click Here to purchase a paywall bypass link for this article

PBN Branded Content

Rhode Island FC To Offer Local Businesses Top-Notch Networking Opportunities in 2025

The perfect atmosphere for entertaining clients or hosting employees, The Stadium at Tidewater Landing will…

Learn More

LEAVE A REPLY Cancel reply

PROVIDENCE – A California man has been indicted for his role in a bank fraud and money laundering scheme that allegedly defrauded businesses, individuals and the town of Bristol out of nearly $9 million, U.S. Attorney for Rhode Island Zachary A. Cunha announced Thursday. Alec Tahir Baker, 60, of Corona, Calif., has been charged with conspiracy to commit money laundering, bank fraud and two counts of aggravated identity theft. The indictment alleges that individuals and businesses were defrauded of at least $8.8 million and that approximately $7.6 million in fraudulent proceeds were transmitted to bank accounts under Baker’s control. Baker is accused of participated in a phishing scheme that targeted individuals, corporations and town employees that when opened allowed the senders to access the recipients’ computer networks. Upon gaining access, Baker and his co-conspirators directed the victims’ banks to transfer money into an account controlled by Baker or another conspirator. The scheme also would email employees of the victim companies by posing as a vendor seeking payment. The co-conspirator would then provide the employee with new bank account into which funds should be paid, causing the employees to unwittingly send company funds to a bank account controlled by Baker or another conspirator, according to court documents. It is further alleged that Baker would provide false information and documents, sometimes fraudulently using the names of real people, to banks regarding funds that were being wired into his account and falsely claimed that he had a business relationship with a victim company. He is also accused of opening more than 40 bank accounts in his name and in the name of more than a dozen companies that he created, in order to receive fraudulently obtained funds. On Jan. 18 a member of the conspiracy gained access to the computer network used by the town of Bristol. The next day, a member of the conspiracy caused $310,500 to be wired from one of the town’s bank accounts into a business account controlled by Baker, who then withdrew or transferred funds from that account and deposited the money into other accounts he controlled. The defendant was first charged in this ongoing investigation by way of a criminal complaint, filed and sealed on Nov. 1. He was arrested in Dallas on Nov. 5 and ordered detained after his initial appearance in U.S. District Court in Dallas. He will be transported to Rhode Island and appear for arraignment in U.S. District Court in Providence on a date yet to be determined.