12 Arrested in SoCal Check Kiting Scheme

     LOS ANGELES (CN) – Twelve people were arrested Wednesday and three are being sought in a bank account “bustout” scheme that cost Southern California banks more than $15 million, federal prosecutors said.
     The roundup was named “Operation Check Kkang,” a Korean term for check kiting. The ring victimized major banks, including Bank of America, JPMorgan Chase, U.S. Bank and Wells Fargo Bank, the U.S. Attorney’s Office said.
     The 26-count indictment accuses the ring of depositing fraudulent checks and then immediately withdrawing money from the account.
     A federal grand jury returned the indictment on May 7. It was unsealed Wednesday.
     Arrested were Michael Yeon Cho, 30, of Pacific Palisades;
     Kun Young Lee, 51, of Los Angeles (Koreatown);
     Jeong Gu Kim, 53, of Los Angeles;
     Hak Soo Shim, 40, of Newport Beach;
     Renling “Mark Ling” Chao, 50, of Los Angeles (Brentwood);
     Il Hwan Jae, 60, of Los Angeles (Koreatown);
     Erick Palafox, 28, of Lynwood
     Jae Kwon An, 42, of Riverside;
     Joonie Yeon Cho, 42, of Los Angeles (Koreatown);
     Eun Ah Kim, aka Eun Ae Kim, 39, of Los Angeles;
     Hee Jung Lee, 41, of Riverside; and
     Woo Chang Lim, 36, of Ventura.
     Named as fugitives are Jae Ho Chung, 44, of Los Angeles (Westwood);
     Roger Lee, 48, of Cerritos;
     and Hye Ran Lee, 30, of Irvine.

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