Leader Of Miami Crew Sentenced To 63 Months In Prison For Defrauding Banks And Cryptocurrency Exchange Of More Than $4 Million
summary
Esteban Cabrera Da Corte, a 27-year-old from Miami, was sentenced to 63 months in prison for orchestrating a scheme to defraud U.S. banks and a cryptocurrency exchange of over $4 million.
paragraph
Esteban Cabrera Da Corte and his co-conspirators used stolen identities and fake identification documents to purchase cryptocurrency and then falsely claim the transactions were unauthorized, resulting in over $4 million in fraudulent bank refunds and $3.5 million in cryptocurrency losses to the exchange. Cabrera Da Corte was ordered to pay $3,578,786.69 in restitution and forfeit $1,200,000. He was charged with financial fraud and money laundering.
narrative
Esteban Cabrera Da Corte, a 27-year-old from Miami, was sentenced to 63 months in prison for orchestrating a scheme to defraud U.S. banks and a cryptocurrency exchange of over $4 million. Cabrera Da Corte and his co-conspirators used stolen identities and fake identification documents to open accounts, purchase cryptocurrency, and then falsely claim the transactions were unauthorized to trigger chargebacks and recover funds. The scheme resulted in over $4 million in fraudulent bank refunds and $3.5 million in cryptocurrency losses to the exchange. Cabrera Da Corte was ordered to pay $3,578,786.69 in restitution and forfeit $1,200,000. He was charged with financial fraud and money laundering. The case was prosecuted by the Southern District of New York’s Money Laundering Unit, with support from Homeland Security Investigations.
Classified financial-fraud(confidence 90%). EDGAR detection: forms 10-K/10-Q/8-K/NT 10-K· recall 67% / precision 23%. detection rule →
Statutes
15 U.S.C. § 78j(b)17 C.F.R. § 240.10b-5
Parties
damian williamsesteban cabrera da corte
Keywords
cryptocurrencycryptocurrency exchangecabrera cortebanksexchangemonths prisonbanks cryptocurrencybank accountscabreracorteprisonmillionlinkleader miamimiami crew
Extracted insights
Dollar amounts 5
- $4.00M $4 Million $1M–$10M
- $4.00M $4 million $1M–$10M
- $3.58M $3,578,786 $1M–$10M
- $3.50M $3.5 million $1M–$10M
- $1.20M $1,200,000 $1M–$10M
Entities 2
- person damian williams
- person esteban cabrera da corte
Triples 22
- Esteban Cabrera Da Corte was sentenced to 63 months in prison
- U.S. District Judge Katherine Polk Failla sentenced Esteban Cabrera Da Corte to 63 months in prison
- Esteban Cabrera Da Corte organized a scheme to steal millions of dollars’ worth of cryptocurrency
- Esteban Cabrera Da Corte tricked U.S. banks into refunding the millions used to purchase that cryptocurrency
- Esteban Cabrera Da Corte orchestrated a scheme to steal millions of dollars
- Esteban Cabrera Da Corte bought cryptocurrency using false and stolen identities
- Esteban Cabrera Da Corte deceived U.S. banks regarding those transactions
- Esteban Cabrera Da Corte engaged in a scheme to deceive U.S. banks and a leading cryptocurrency exchange platform
- Esteban Cabrera Da Corte purchased more than $4 million in cryptocurrency
- Esteban Cabrera Da Corte falsely claimed that the cryptocurrency purchase transactions were unauthorized
- Esteban Cabrera Da Corte deceived the U.S. banks and the Cryptocurrency Exchange into reversing those transactions
- Esteban Cabrera Da Corte opened accounts with the Cryptocurrency Exchange
- Esteban Cabrera Da Corte used photos of fake U.S. passports, fake drivers’ licenses, and stolen personal identifying information
- Esteban Cabrera Da Corte used money that had been deposited into the linked bank accounts
- Esteban Cabrera Da Corte transferred cryptocurrency to other cryptocurrency wallets outside of the Cryptocurrency Exchange
- Esteban Cabrera Da Corte made telephone calls to the U.S. banks
- Esteban Cabrera Da Corte falsely represented that the cryptocurrency purchases were unauthorized
- U.S. banks processed more than $4 million in fraudulent reversals
- The Cryptocurrency Exchange lost more than $3.5 million worth of cryptocurrency
- Esteban Cabrera Da Corte was ordered to pay restitution of $3,578,786.69
- Esteban Cabrera Da Corte was ordered to pay forfeiture of $1,200,000
- Damian Williams praised the outstanding work of Homeland Security Investigation’s El Dorado Task Force
Extracted body text (4,325c)
Press Release Leader Of Miami Crew Sentenced To 63 Months In Prison For Defrauding Banks And Cryptocurrency Exchange Of More Than $4 Million Wednesday, November 29, 2023 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York Damian Williams, the United States Attorney for the Southern District of New York, announced that ESTEBAN CABRERA DA CORTE, a/k/a “Esteban Cabrera,” a/k/a “Esteban Da Corte,” a/k/a “Steban,” was sentenced to 63 months in prison by U.S. District Judge Katherine Polk Failla for organizing a scheme to steal millions of dollars’ worth of cryptocurrency and trick U.S. banks into refunding the millions used to purchase that cryptocurrency by using, in part, personal identifying information stolen from other people. U.S. Attorney Damian Williams said: “Esteban Cabrera Da Corte orchestrated a scheme to steal millions of dollars by buying cryptocurrency using false and stolen identities, then deceiving U.S. banks regarding those transactions. Cabrera Da Corte now faces years in prison for this crime. This sentencing should send a clear message that we, together with our law enforcement partners, will continue to zealously prosecute cryptocurrency scammers and money launderers.” According to the Indictment, public filings, and statements made in court: From at least in or about 2020 through at least in or about March 2020, CABRERA DA CORTE and his co-conspirators engaged in a scheme to deceive U.S. banks and a leading cryptocurrency exchange platform (the “Cryptocurrency Exchange”) by purchasing more than $4 million in cryptocurrency and then falsely claiming that the cryptocurrency purchase transactions were unauthorized, deceiving the U.S. banks and the Cryptocurrency Exchange into reversing those transactions and redepositing the money into the bank accounts that the defendants controlled. The defendants then withdrew the money from the bank accounts while also keeping the cryptocurrency for themselves. To effect this scheme, CABRERA DA CORTE and his co-conspirators opened accounts with the Cryptocurrency Exchange, frequently using photos of fake U.S. passports, fake drivers’ licenses, and stolen personal identifying information. The Cryptocurrency Exchange accounts were linked to bank accounts that the defendants controlled. The defendants used money that had been deposited into the linked bank accounts, frequently through a series of cash deposits made using ATMs, to purchase cryptocurrency. That cryptocurrency was then quickly transferred to other cryptocurrency wallets outside of the Cryptocurrency Exchange that were controlled by the defendants and their co-conspirators. After the cryptocurrency was transferred, the defendants made telephone calls to the U.S. banks during which they falsely represented that the cryptocurrency purchases were unauthorized, leading the banks to reverse the transactions. The operation of this scheme by the defendants resulted in U.S. banks processing more than $4 million in fraudulent reversals and the Cryptocurrency Exchange losing more than $3.5 million worth of cryptocurrency. * * * In addition to his prison term, CABRERA DA CORTE, 27, of Miami, Florida, was ordered to pay restitution of $3,578,786.69 and forfeiture of $1,200,000. Mr. Williams praised the outstanding work of Homeland Security Investigation’s El Dorado Task Force. This case is being handled by the Office’s Money Laundering and Transnational Criminal Enterprises Unit. Assistant U. S. Attorneys Emily Deininger and Josiah Pertz are in charge of the prosecution. Contact Nicholas Biase (212) 637-2600 Updated November 29, 2023 Topic Financial Fraud Component USAO - New York, Southern Press Release Number: 23-411
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Press Release Leader Of Miami Crew Sentenced To 63 Months In Prison For Defrauding Banks And Cryptocurrency Exchange Of More Than $4 Million Wednesday, November 29, 2023 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York Damian Williams, the United States Attorney for the Southern District of New York, announced that ESTEBAN CABRERA DA CORTE, a/k/a “Esteban Cabrera,” a/k/a “Esteban Da Corte,” a/k/a “Steban,” was sentenced to 63 months in prison by U.S. District Judge Katherine Polk Failla for organizing a scheme to steal millions of dollars’ worth of cryptocurrency and trick U.S. banks into refunding the millions used to purchase that cryptocurrency by using, in part, personal identifying information stolen from other people. U.S. Attorney Damian Williams said: “Esteban Cabrera Da Corte orchestrated a scheme to steal millions of dollars by buying cryptocurrency using false and stolen identities, then deceiving U.S. banks regarding those transactions. Cabrera Da Corte now faces years in prison for this crime. This sentencing should send a clear message that we, together with our law enforcement partners, will continue to zealously prosecute cryptocurrency scammers and money launderers.” According to the Indictment, public filings, and statements made in court: From at least in or about 2020 through at least in or about March 2020, CABRERA DA CORTE and his co-conspirators engaged in a scheme to deceive U.S. banks and a leading cryptocurrency exchange platform (the “Cryptocurrency Exchange”) by purchasing more than $4 million in cryptocurrency and then falsely claiming that the cryptocurrency purchase transactions were unauthorized, deceiving the U.S. banks and the Cryptocurrency Exchange into reversing those transactions and redepositing the money into the bank accounts that the defendants controlled. The defendants then withdrew the money from the bank accounts while also keeping the cryptocurrency for themselves. To effect this scheme, CABRERA DA CORTE and his co-conspirators opened accounts with the Cryptocurrency Exchange, frequently using photos of fake U.S. passports, fake drivers’ licenses, and stolen personal identifying information. The Cryptocurrency Exchange accounts were linked to bank accounts that the defendants controlled. The defendants used money that had been deposited into the linked bank accounts, frequently through a series of cash deposits made using ATMs, to purchase cryptocurrency. That cryptocurrency was then quickly transferred to other cryptocurrency wallets outside of the Cryptocurrency Exchange that were controlled by the defendants and their co-conspirators. After the cryptocurrency was transferred, the defendants made telephone calls to the U.S. banks during which they falsely represented that the cryptocurrency purchases were unauthorized, leading the banks to reverse the transactions. The operation of this scheme by the defendants resulted in U.S. banks processing more than $4 million in fraudulent reversals and the Cryptocurrency Exchange losing more than $3.5 million worth of cryptocurrency. * * * In addition to his prison term, CABRERA DA CORTE, 27, of Miami, Florida, was ordered to pay restitution of $3,578,786.69 and forfeiture of $1,200,000. Mr. Williams praised the outstanding work of Homeland Security Investigation’s El Dorado Task Force. This case is being handled by the Office’s Money Laundering and Transnational Criminal Enterprises Unit. Assistant U. S. Attorneys Emily Deininger and Josiah Pertz are in charge of the prosecution. Contact Nicholas Biase (212) 637-2600 Updated November 29, 2023 Topic Financial Fraud Component USAO - New York, Southern Press Release Number: 23-411