- - An $8.8M fraud ring targeting elderly busted after ‘suspicious’ banking led to multi-state probe — how they were caught

James HaversJuly 26, 2025 at 1:15 PM

Polk County Sheriff Grady Judd and Attorney General James Utheimer presenting the fraud ring.

A massive bank fraud operation that stole nearly $9 million from elderly Americans has been shut down, and it all unraveled because of one suspicious transfer. The $250,000 deposit into a newly opened account triggered red flags at Synchrony Bank in April 2023. When investigators followed the money, they uncovered a sprawling, multi-state fraud ring involving eight suspects, three bank employees, and 235 victims, reports WFTS in Tampa Bay.

“This wasn’t some small-time scam,” said Polk County Sheriff Grady Judd during a press conference announcing the arrests. “This was a well-organized fraud ring stealing millions from innocent victims across the country.”

The investigation, led by the Polk County Sheriff’s Office and supported by the Florida Attorney General’s office and agencies in multiple states, recovered $8.8 million in stolen funds. But the real story isn’t just the arrests. It’s how the fraud worked, and what you can learn from it to protect yourself and your loved ones, especially older family members.

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The insider threat that set it all in motion

The ring allegedly started with three employees at a Maryland bank, including two long-time workers with full access to customer data. Investigators say one of them, Antonio Penn, used his coworkers’ credentials to take photos of customer account details and sell them via the encrypted messaging app Telegram.

Penn allegedly shared stolen banking data with an old football teammate from college, who then recruited others to open fake accounts, move the money and recruit even more participants. When Synchrony Bank noticed the $250,000 transfer into a suspicious new account in Florida, and how quickly it was moved into other accounts, their fraud team acted fast, sparking a 15-month investigation that spanned multiple states.

Here’s what made the bank suspicious, and what you should watch for, too.

According to law enforcement, it wasn’t just the large amount that raised alarms. It was the combination of:

A new account with no transaction history

A sudden, large transfer from another bank

And rapid dispersal of the funds into other accounts

Those three signs, taken together, often indicate a money laundering or fraud scheme, and banks have systems in place to detect them. But what if your own account was the target?

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5 ways to protect yourself (and your parents) from insider fraud

Because the crime involved insiders with legitimate access, traditional advice like ‘don’t click suspicious links’ wouldn’t have stopped this. That’s what makes insider fraud so dangerous, but there are still steps you can take to stay safe.

Set up transaction alerts: Enable text or email notifications for all account activity, especially large withdrawals, wire transfers or logins from new devices. Many seniors don’t check their accounts daily, so alerts can fill the gap.

Use trusted financial monitoring tools: Services like EverSafe and Carefull are designed to detect suspicious banking behavior in older adults’ accounts, and they can notify both the account holder and a trusted caregiver when something’s off.

Ask your bank what protections they offer: Sheriff Judd put it bluntly: “Before you trust folks with your money,” say, “hey, what are you doing to protect my money.” That means confirming your bank uses two-factor authentication, monitors for insider threats, and gives you zero-liability protection against fraud.

Check account activity monthly: Make reviewing bank statements a regular habit — especially for older family members. Look for unexplained withdrawals, transfers, or changes to contact information.

Know how to report fraud fast: If you suspect fraud, call your bank’s fraud department immediately and file a complaint with the Consumer Financial Protection Bureau (CFPB). Time is critical — in many cases, you only have 60 days to dispute fraudulent charges.

The bottom line

This case proves that sophisticated fraud doesn’t always come from strangers with phishing emails. It can come from inside the bank.

Thanks to one flagged transaction and a sharp-eyed fraud team, law enforcement was able to shut down a nationwide scheme and recover nearly $9 million. But not every case ends that way.

The best protection? Stay alert, ask tough questions, and make fraud prevention a family conversation, especially with the people scammers target most.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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