By: Richard L Smith
A Glen Rock man is facing serious charges after authorities say he carried out a sophisticated financial scheme that led to the theft of nearly half a million dollars, according to a statement released by Bergen County Prosecutor Mark Musella.
Evangelos Drosos, 50, was arrested on Wednesday, April 9, 2025, in Paramus following a detailed investigation led by the Bergen County Prosecutor’s Office Financial Crimes Unit.
The probe began in August 2024, after investigators received a tip about suspected financial fraud involving multiple banking institutions.
Detectives uncovered a check-kiting scheme in which Drosos allegedly manipulated the banking system by issuing checks from several accounts under his control, knowing they lacked sufficient funds, and depositing them into other accounts at a different financial institution.
He then quickly withdrew the provisionally credited funds before the checks were returned for insufficient funds, effectively stealing approximately $496,788.88 over a span of just three weeks.
Officials say this type of fraud relies on the float time between when a check is deposited and when it's cleared, allowing Drosos to exploit banking protocols and access nonexistent funds.
Following his arrest, Drosos was charged with second-degree theft by deception and second-degree money laundering.
He is currently being held at the Bergen County Jail pending his first court appearance at the Bergen County Superior Court in Hackensack.
The case highlights the growing concern over complex financial crimes and the need for vigilance among financial institutions and regulators.
The investigation remains ongoing.