A huge counterfeiting ring that operated out of some Silicon Valley coffee shops has been busted by a coalition of police agencies.
Dozens have been arrested and more are being sought today in the case – which officials say cost Bay Area banks and credit unions as much as $4 million dollars.
It worked like this. A person would enter a coffee shop and begin a conversation with some of the patrons. Then – the person would ask one of the patrons to cash a cashier’s check through the victim’s bank because the person had no account. The victim would be offered a percentage of the check for helping cash it. The checks, of course, were counterfeit.
Santa Clara County Sheriff’s Sergeant Mike Powers says so far the biggest single loss was about $50,000. Powers say 34 of 37 people named in arrest warrants are already in custody. Six South Bay police agencies were involved in the investigation.
This post was last modified on 01/31/2009 5:35 pm