Two individuals have been indicted by a federal grand jury for their involvement in a large-scale bank fraud scheme that revolved around stolen U.S. Treasury checks. The Office of Inspector General disclosed that Franchesca Calagui, 25, and Dondre Gray, 27, were implicated in an extensive fraudulent operation that lasted almost a year, starting from May 2022 and lasting until March 2023. Their illicit activities led to the unlawful cashing of 339 Treasury checks, amounting to over $850,000.
According to an unsealed indictment, the two individuals worked together to acquire stolen Treasury checks. They devised a plan to enlist people to fraudulently endorse or sign these checks, and then utilized their connections in the banking industry to cash them for their own personal benefit. It is worth noting that during this period, one of the defendants held a part-time position as an associate banker at JP Morgan Chase Bank, which is believed to have played a role in enabling their operation.
The indictment describes text messages between Gray and Calagui discussing the ongoing scheme in which Gray stated, “I definitely don’t wanna scam with chase since you work there,” and Calagui responded, “I do not care if u scam us lmao.” Gray allegedly explained how he operated the scheme using runners, individuals who gets paid to enter a bank with a fraudulent check, cash it, and return the proceeds to the person who employed the runner.
The FBI, IRS-CI, U.S. Postal Inspection Service, and the Social Security Administration Office of the Inspector General worked together to investigate and make arrests. The defendants are now charged with conspiracy to commit bank fraud and multiple counts of bank fraud. Additionally, one of the suspects is facing further charges for receiving and cashing U.S. Treasury checks with forged endorsements.
If the defendants are found guilty, they could potentially be sentenced to up to 30 years in prison for each count. In addition to the prison time, they may also be required to pay substantial fines. The next court hearing for the accused individuals is scheduled for April 3, 2025.