Three Year Term for Bank Fraud
Posted by: Timothy Weaver on 09/28/2016 10:25 AM
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Mircea-Illie Ispasoiu, a Romanian national, was convicted in the United States District Court District of New Jersey.
He pleaded guilty to wire fraud and aggravated identity theft. Seven other charges were dismissed. In addition to a 3 year sentence, he was ordered to pay restitution of $907,204.
His background was that of a bank systems administrator in a Romanian institution from August 2011 till February 2014. During that time, he hacked into a variety of businesses, primarily banks and other financial services firms, to steal user information.
Ispasoiu targeted mainly institutions in the United States. Those targets included American Express, Bank of America, Chase Bank and Citibank.
He was able to breach many of the targets by using keylogging malware. Once he intercepted login credentials, he emailed them to an account he controlled. With the stolen credentials, he was able to incur unauthorized charges and make unauthorized money transfers.
Source: SCMagazine
He pleaded guilty to wire fraud and aggravated identity theft. Seven other charges were dismissed. In addition to a 3 year sentence, he was ordered to pay restitution of $907,204.His background was that of a bank systems administrator in a Romanian institution from August 2011 till February 2014. During that time, he hacked into a variety of businesses, primarily banks and other financial services firms, to steal user information.
Ispasoiu targeted mainly institutions in the United States. Those targets included American Express, Bank of America, Chase Bank and Citibank.
He was able to breach many of the targets by using keylogging malware. Once he intercepted login credentials, he emailed them to an account he controlled. With the stolen credentials, he was able to incur unauthorized charges and make unauthorized money transfers.
Source: SCMagazine
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