How an Identity Thief Got Dead People To Sell Their Stock
A San Diego man has admitted his guilt in a $500,000
identity theft scam perpetrated against deceased
account holders involving their stock and dividends.
It seems the 28 year old man claimed he needed the funds
for a kidney transplant because he felt he was too low on
the waiting list for a timely USA medical solution.
However, according to court documents, this identity thief
managed to conduct almost 350 (346) fraudulent
wire or check transfers totaling in excess of
$500,000 which he did not need as he recieved his
kidney transplant anyway.
What it appears the San Diego man was up to was just good
old fashioned identity theft and fraud.
This identity thief would collect the names and social security
numbers (ssn) of deceased individuals accounts which had not
been closed but remained inactive.
He would then, using his home computer, managed to get his name
added as an authorized signatory to the deceased accounts.
With that level of access, this identity thief then would change the
contact mailing address on the account so that he now would be
the sole recipient of all correspondence, statements and most
importantly checks disbursed from the account.
As a result, this San Diego identity thief managed to obtain
dividend disbursements from the various stocks held
in the deceased accounts & was also able to direct the
financial institutions he simultaneously scammed
to sell him the stocks rightfully owed by the account
This identity thief was caught by the FBI and is facing 30
years in prison for his crimes against the dead and their
- Mellon Investor Services
- Wells Fargo
- Bank of New York (BONY)
So, our tip for today is if you have any deceased relatives
who may have held stock at or received their divident
disbursements at those financial institutions, contact them
immediately for further information to possibly claim
those assets rightfully owed tolegitimate heirs
of the account holders.
Additionally, for the living, if you have moved long ago to
another city but left behind small savings accounts or other
mailing addresses which were tied to stock dividend
payments - check back with those institutions to
make sure they have your most current mailing
Or, some other resourceful identity thief may become
the next millionare on your behalf.