Masked man tells bankers about identity theft

A convict in disguise spoke during a conference about how his organization stole $15-million to $20-million in jewelry, cars, houses and TVs.

©Associated Press
November 26, 2002

TALLAHASSEE -- A masked man facing up to 20 years in state prison for running a credit fraud ring told a group of bankers and law enforcement officials Monday that his career was easy and profitable.

"Subject X" gave a presentation at a forum sponsored by the Florida Department of Law Enforcement, the Florida Bankers Association and the Bank of America to increase public awareness of identity theft.

Wayne Ivey, the special agent in charge of FDLE's identity theft initiative, questioned the man about his criminal experiences. Ivey said it was necessary to withhold the man's identity, despite the irony, because he was working with law enforcement on other cases.

The man said he ran an organization with about 12 or 15 employees who stole $15-million to $20-million worth of jewelry, TVs, cars and houses through identity theft.

Ivey said the ring was based in South Florida but had victims throughout Florida and beyond.

The convict, who faces sentencing next month, said his organization infiltrated agencies and businesses with access to sensitive personal data by bribing frustrated or financially needy employees.

A $500 investment in a Social Security number of a person with a good credit history could yield a $100,000 return in about a month, he said.

In addition to being fast and easy, the credit card fraud is profitable and relatively risk-free -- especially compared with crimes such as drug dealing or old-fashioned burglary, he said.

"You make more money, and the time is less," he said.

The convict has served short sentences in both state and federal prison but returned to business as soon as he got out and signed up for probation.

The identity thief said the only criteria for selecting victims was their credit rating.

"If you've got good credit . . . you're going to get taken," he said.

The best thing an individual can do, according to the presenter, is "hang onto your wallet and your Social Security number."

Also Monday, Thomas Sadaka, an attorney for the statewide grand jury, gave the bankers and other executives at the forum a review of the work of the grand jury, which was impaneled in July 2001 to look at identity theft.

Nineteen indictments charged 89 defendants with 906 counts -- and those cases led to another 127 defendants being charged with more than 1,000 criminal counts, Sadaka said.

So far, 32 people have been convicted and sentenced to 875 months in prison and 1,930 months of probation.

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