Home Medford News Medford man pleads guilty in fraud scheme

Medford man pleads guilty in fraud scheme

A Medford Township man admitted participating in schemes to negotiate fraudulent checks with forged signatures and to launder money from another fraud scheme, according to U.S. Attorney Philip R. Sellinger.

Eugene Koranteng, 30, pleaded guilty on Nov. 16 before U.S. District Judge Robert B. Kugler in Camden federal court to information charging him with one count of bank fraud conspiracy and one count of money laundering conspiracy, according to a release through the U.S. Attorney District of New Jersey on Nov. 17.

According to documents filed in this case and statements made in court:

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. Koranteng admitted that the bank fraud conspiracy caused an actual loss of at least $95,000.

Koranteng also conspired to launder the proceeds of a separate fraud scheme. 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. Koranteng admitted that he laundered at least $47,000.

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. 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. Sentencing is scheduled for March 21, 2024.

Sarfo-Adu and Yirenkyi previously pleaded guilty before Judge Kugler to their participation in the same bank fraud conspiracy.

Sellinger credited special agents of Homeland Security Investigations Newark, under the direction of Acting Special Agent in Charge Michael Alfonso, with the investigation leading to the guilty plea. Sellinger also thanked the Moorestown Police Department for its assistance in the investigation.

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