A Lynn man has been sentenced to more than two years in prison for his role in a bank fraud scheme.
Judemario Josaphat, Jr., 26, was sentenced this week in Boston federal court to 25 months in prison and three years of supervised release, according to a statement from the U.S. attorney’s office. Josaphat had pleaded guilty in January to one count of conspiracy to commit bank fraud and one count of aggravated identity theft.
According to the statement, Josaphat participated in and sometimes directed a scheme to defraud a financial institution. Josaphat and others used fraudulent identification documents, among other means, to withdraw money from customers’ bank accounts in the form of checks and cash.
The funds were then deposited in other bank accounts opened in the names of fictitious business entities before being withdrawn again, the statement said. Between December 2017 and February 2018, Josaphat and his co-conspirators sought to withdraw over $800,000 from customers’ accounts, resulting in losses to the bank of over $350,000.