Tired of Fraud


Many people look forward to retirement and the ability to finally live out their dreams during the ”Golden Years.” Whether that vision includes a trip around the world, playing golf every day or buying an island in the Caribbean, money is a requirement for satisfying those dreams. The Sun Sentinel reports on a former retirement fund worker who sold his clients’ personal information to multiple criminals for a cut of the profits made at their expense. (There’s no doubt that he probably crushed a few retirement dreams in the process.)

The story reports that the Charlotte, North Carolina resident worked as a service representative for an equity fund held by a financial and retirement services company. He sold the personal identification information of more than 500 clients to an accomplice who planned to file bogus tax returns. In exchange for the names, the 27-year-old was promised a share of the refund checks. The retirement fund worker also sold the data to criminals in New York, who had a plan for stealing money from the clients’ bank accounts. (Talk about a double whammy.)

The service representative, who pleaded guilty to aggravated identity theft and wire fraud conspiracy, was sentenced to six years in prison. He was ordered to pay $118,602 in restitution to the victims. The co-conspirator, who is also 27-years-old, pleaded guilty to both offenses and is awaiting sentencing.

There’s no doubt that the victims of these fraudulent acts are tired of scheming criminals who have no respect for their hard-earned wages and savings. Fortunately, these fraudsters were prevented from doing more harm, and the restitution (I’m taking bets now: who thinks we’ll ever see it?) will be a comfort to those who were affected. (And they can get back to dreaming about their retirement plans.)

Source: Today’s ”Fraud of the Day” is based on an article titled, ”Retirement Fund Worker Sentenced for Identity Theft Fraud,” written by Paula McMahon and published in the Sun Sentinel on January 6, 2014.

A former retirement fund worker was sentenced to six years in federal prison Monday for aggravated identity theft and wire fraud conspiracy.

Tobin Lamar Lyon II, also known as Tobe Kasa, 27, of Charlotte, N.C., was also ordered to pay $118,602 in restitution to victims.

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Larry Benson
Larry Benson is currently the Director of Strategic Alliances for Revenue Discovery and Recovery at LexisNexis Risk Solutions. In this role, Benson is responsible for developing partnerships for the tax and revenue and child support enforcement verticals. He focuses on embedded companies that have a need for third-party analytics to enhance their current offerings.