A Quincy man, Hui Zhang, has admitted his role in a counterfeit check scam that defrauded banks of a staggering $1 million. The 41-year-old pled guilty to bank fraud in a Boston court and now faces the possibility of a lengthy prison sentence. Zhang was initially charged in September 2023 after an investigation revealed his scheme involving numerous fraudulent bank accounts and counterfeit checks, according to the U.S. Attorney's Office.
Zhang, crafted his scheme by opening bank accounts under fake identities, then he deposited about 114 bogus checks, drawing from a Boston retailer's account, from June 2020 to May 2022. The checks amounted to more than $1 million, of which he cashed out hundreds of thousands via ATM withdrawals. His sentencing is set for May 28, as per a statement from the U.S. Attorney's Office for the District of Massachusetts.
The bank fraud charge could land Zhang up to 30 years behind bars, along with five years’ supervised release and a fine that could reach $1 million or double the ill-gotten gains, depending on the judge's decision. The federal court is expected to follow the U.S. Sentencing Guidelines, which help federal judges determine appropriate sentences in criminal cases.
This case, prosecuted by Assistant U.S. Attorney William F. Abely, Chief of the Criminal Division. With a concerted effort by Acting U.S. Attorney Joshua S. Levy, and Jodi Cohen, FBI's Boston Division Special Agent in Charge, the crackdown netted Zhang, exposing his elaborate scheme. The final judgment by U.S. District Court Judge Myong J. Joun, will bring closure to this calculated deception that compromised the integrity of banking institutions and victimized a local retailer.
