A 27 year old former computer technician at Bank of New York Mellon was charged last week for perpetrating a fraud scheme that resulted in over $1 million of losses. Adeniyi Adeyemi stole employee information to setup bogus accounts with a number of different institutions. He then siphoned funds from legitimate customers, targeting non-profits and other institutions, into the accounts he controlled.

Operating over an eight year period from 2001 to 2009, Adeyemi used the stolen employee information to setup at least 30 bank and brokerage accounts with institutions such as E*Trade, Fidelity, Citi, Wachovia and Washington Mutual. These accounts were setup to receive stolen funds funneled from charities and other legitimate Bank of New York Mellon accounts. The fraud scheme came to light when the New York/New Jersey Electronic Crimes Task Force of the US Secret Service started surveillance on the apartment of Mr. Adeyemi due to suspicious internet activity. A raid of his apartment turned up over 150 bank employee credit reports on his computer.