By: Najla Alexander
NJ AG authorities announced that a Burlington County man admitted participating in schemes to negotiate fraudulent checks with forged signatures and to launder money from another fraud scheme.
U.S. Attorney Philip R. Sellinger stated that Eugene Koranteng, 30, of Medford, pleaded guilty on November 16, 2023, before U.S. District Judge Robert B. Kugler in Camden federal court to an information charging him with one count of bank fraud conspiracy and one count of money laundering conspiracy.
According to documents filed in this case and statements made in court:
Officials stated that Koranteng conspired with Misty Sarfo-Adu, Emmanuel Yirenkyi, and others to commit bank fraud by obtaining blank checks containing the names and account information of unsuspecting customers of a credit card company.
They made the checks payable to members of the conspiracy, forged the customers’ signatures on the checks, and negotiated the checks at financial institutions, officials say.
Authorities say Koranteng admitted that the bank fraud conspiracy caused an actual loss of at least $95,000.
According to officials, Koranteng also conspired to launder the proceeds of a separate fraud scheme.
Officials said Koranteng used his personal bank account to negotiate checks that constituted the proceeds of unlawful activity.
Koranteng then converted the fraud proceeds to cash to conceal and disguise the nature, location, source, ownership, and control of the proceeds, officials stated.
Koranteng admitted that he laundered at least $47,000, officials say.
According to officials, the count of conspiracy to commit bank fraud carries a maximum penalty of 30 years in prison and a fine of up to $1 million, and the count of conspiracy to commit money laundering carries a maximum penalty of 20 years in prison and a fine of up to $500,000.
Authorities say sentencing is scheduled for March 21, 2024.
Officials said Sarfo-Adu and Yirenkyi previously pleaded guilty before Judge Kugler to their participation in the same bank fraud conspiracy.