A Saugus woman has pleaded guilty to her role in a bank fraud scheme that involved recruiting tellers to help fraudulently obtain more than $300,000 from customer accounts.

Emelyn Clough, 24, pleaded guilty this week in Boston federal court to one count of bank fraud conspiracy, according to a statement from the U.S. attorney’s office. Clough had been charged on March 15.

According to the statement, the case arose out of an investigation into schemes to withdraw funds – both as checks and cash – from customer accounts at several financial institutions. Organizers of the scheme paid people to request withdrawals from accounts using falsified identification documents in the names of the bank customers, the statement said.

Bank tellers were recruited to accept the falsified documents without scrutiny and facilitate the withdrawals, the statement said, and funds were then negotiated through accounts at other financial institutions that had been opened in the names of fictitious business entities.

Prosecutors alleged that Clough opened a bank account in the name of a fictitious business using a counterfeit driver’s license and then helped recruit a TD Bank teller to participate in the scheme. Co-conspirators involved with the scheme used this bank account between June and November 2017, with the bank teller’s assistance, to fraudulently obtain more than $300,000 from customer accounts, according to the statement.

Clough’s sentencing was scheduled for March 30.

Saugus Woman Pleads Guilty to $300K Bank Fraud Scheme

by Banker & Tradesman time to read: 1 min
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