RALEIGH, N.C.–Four men have been indicted for a scheme that exploited a security weakness and took nearly $500,000 from the State Employees Credit Union, according to the U.S. attorney’s office.
The U.S. Attorney said that in late August a federal grand jury indicted Calvin Daminice Stewart, Quavedrian Da’mon Gibson, Keyondrea Deionta Purvis and Michael Raekwon Ryner on charges of bank fraud and conspiracy.
The indictment states that between April and September of 2022, the four recruited friends, family and acquaintances who gave them access to their SECU cards and PIN numbers, the indictment said.
The men would then make numerous deposits and withdrawals in the account knowing that SECU had an overnight “reconciliation” period during which all the day’s transactions were tallied, according to the U.S. Attorney.
Leveraging Computer Downtime
“During this downtime, SECU’s computer systems would not know the true value in the accounts, the indictment said, letting the defendants make sham transactions and inflate the amount of money available for withdrawal,” the U.S. Attorney said.
In return, the indictment said, the defendants promised the SECU members a share of the large withdrawals they made.
In all, the proceeds totaled $473,849.95.
