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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: John Vosilla who wrote (58897)	4/20/2006 2:09:40 PM
From: shades	of 110194

NY AG Spitzer: Man Indicted In $1.5M Identity-Theft Scheme (He defrauded citi and JP - free money baby - this is seriously under reported - there is much more FRAUD than the bankers are letting on) By Chad Bray Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--A Queens, N.Y., man has been indicted for his role in an identity-theft scheme that defraud several financial institutions out of more than $1.5 million, New York Attorney General Eliot Spitzer said Thursday. In a press release, Spitzer said Fayyaz Ahmed, 39 years old, has been charged with six counts of grand larceny in the second degree; 17 counts of identity theft in the first degree; two counts of a scheme to defraud in the first degree; 19 counts of forgery in the second degree; and 11 counts of money laundering in the fourth degree. He faces up to 15 years in prison on each second-degree grand larceny charge, Spitzer said. Prosecutors have alleged that Ahmed fraudulently obtained about $1.4 million from a variety of financial institutions through home-equity loans and lines of credit using the personal identification information of two Staten Island residents. The institutions included units of Washington Mutual Inc. (WM), Wachovia Corp. (WB) and Wells Fargo & Co. (WFC). The government also has alleged that Ahmed purchased more than $180,000 in goods and services by using stolen identities to obtain credit cards. The cards were obtained from a number of credit-card providers, including units of JPMorgan Chase & Co. (JPM), Citigroup Inc. (C) and American Express Co. (AXP). There was no phone listing for Ahmed in Queens and his lawyer couldn't immediately be located Thursday. -Chad Bray, Dow Jones Newswires; 212-227-2017; chad.bray@dowjones.com (END) Dow Jones Newswires April 20, 2006 12:37 ET (16:37 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 12 37 PM EDT 04-20-06

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