CALIFORNIA – The U.S. Department of Justice (DOJ) announced that a 17-count indictment was unsealed on June 17, charging Ayman Alaaraj, 48, of Sacramento, and Ahmad Nassar, 38, of Elk Grove, with operating a scheme to defraud.
The indictment charges the defendants with bank fraud and aggravated identity theft and also charges Nassar with access device fraud.
Accrued over $794,000 in losses to the victims
According to court documents, in May 2023, Nassar took over multiple bank accounts belonging to two elderly victims at two separate banks.
Nassar used advanced tactics, like phone number porting, to by-pass dual-factor authentication to access one victims’ account.
After taking control of the victims’ bank accounts, Nassar, sometimes aided by Alaaraj, drained the accounts and ran up unpaid credit card debits. Together, they accrued over $794,000 in losses to the victims.
Funneled more than $100,000 Alaaraj’s businesses
The defendants funneled the stolen money through pass-through accounts Nassar created in the victims’ names.
They also funneled more than $100,000 through Alaaraj’s businesses, Balance Bookkeeping, Tax and Notary and Atheer Investments.
They then ultimately disbursed the money to themselves using ATM cash withdrawals, personal checks, Western Union transactions, Zelle transactions, payments to credit cards, online gambling, and towards the purchase of a Mercedes.
Nassar is currently in custody
In 2019, Nassar was convicted of unlawfully possessing 15 or more access devices, aggravated identity theft, and being a felon in possession of a firearm.
The DOJ said he served time in prison and was released on March 4, 2021. He is currently in custody after being arrested on Feb. 7, 2024, for allegedly violating the terms of his supervised release.
Alaaraj was ordered to self-surrender on Wednesday morning.
Nassar and Alaaraj face up to 30 years in prison
If convicted, Nassar and Alaaraj face up to 30 years in prison and a $1 million fine per bank fraud count. They also face a mandatory two years for identity theft, with fines up to $250,000 or twice the loss caused.
Nassar faces an additional 20 years and $250,000 fine for access device fraud.
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