SACRAMENTO, Calif. — Jeffrey Kim, 51, of Colorado, pleaded guilty today to bank fraud and aggravated identity theft, U.S. Attorney Phillip A. Talbert announced.
According to court documents, between Feb. 1, 2017, and July 24, 2017, Kim participated in a nationwide check kiting “bust out” scheme in order to obtain cash from banks. The scheme’s participants obtained a real Republic of Korea passport that was altered to bear a new photograph and name, which they used to open bank accounts with a small amount of cash. The accounts were dormant until a time the participants believed the bank would allow the account holder to deposit a check and make withdrawals before the check actually cleared. At that time, the participants wrote checks from a different bank account with non-sufficient funds, deposited those checks into the dormant account, and then withdrew cash from the dormant account before the checks cleared. The participants would access funds by purchasing a money order and then deposit the money order into yet another bank account associated with the scheme.
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