Several New Jersey residents could find themselves being accused of credit card fraud. Just yesterday, a man admitted to stealing credit card information and charging more than $750,000. But according to him, there were others involved.
Being charged with any crime can lead to a number of problems. There are the more obvious penalties that can result from a conviction such as a prison sentence. But criminal charges can also wind up on a person's permanent record, making it more difficult in the future to find employment or choose a place to live.
According to the article, credit card companies began to receive reports of thousands of transactions resulting from stolen credit cards. Though it is unclear what happened next, it is likely that a federal investigation was launched to determine who was making all the fraudulent purchases. The investigation led agents to the man's apartment where they found evidence that he was involved in the credit card theft ring.
The man allegedly stole the credit card information on the Internet and then used that information to re-encode cards to use to make purchases. He then stated that he would give the re-encoded cards to others, including some individuals in New Jersey, for use. However at this point, the man is the only one who has been charged.
Though pleading guilty may have meant a lesser sentence, the man is still facing a sentence that could mean the next 22 years will be spent in prison. Not only that, but he may be ordered to pay millions of dollars in fines.
If others are charged in connection with this credit card theft ring, they may be facing serious penalties as well.
Source: Washington Examiner: "Man admits running East Coats credit card fraud ring," Emily Babay, Aug. 10, 2011.