Man Pleads Guilty to $1 Million Counterfeit Checks Fraud Scheme

A Massachusetts man has pleaded guilty to one count of bank fraud in connection to a million-dollar fraud scheme, according to the Department of Justice Friday.

Hui Zhang electrically deposited over $1 million into fraudulent bank accounts using false identities and approximately 114 counterfeit checks, the DOJ said. He withdrew hundreds of thousands of dollars in cash from these accounts via ATMs, the government said.

The charge carries a maximum sentence of 30 years in prison, the DOJ said.

This story was produced by Bloomberg Law Automation.