DOJ: Four Massachusetts Men Arrested and Charged for Fraud, Money Laundering Schemes

• The defendants allegedly altered checks to be payable to shell companies and laundered proceeds through luxury purchases and real estate loans.
• Obeng and others are accused of unauthorized access to victims’ accounts, recruiting individuals to open accounts and withdraw fraud proceeds.

Four individuals were indicted for bank fraud conspiracy and money laundering conspiracy involving more than $12.2 million in stolen U.S. Treasury checks and over $1 million in other frauds targeting banks and credit unions. The defendants allegedly altered checks to be payable to shell companies they controlled and laundered proceeds through various financial transactions, including luxury watch purchases and a real estate loan.

A second indictment charged Obeng with wire fraud conspiracy, bank fraud, money laundering, and aggravated identity theft. Obeng and others allegedly gained unauthorized access to victims’ accounts by posing as bank representatives, recruited individuals to open accounts, and transferred fraud proceeds. Eight other individuals were charged in June 2025 and one in June 2026 in connection with the same stolen Treasury checks.

• $12.2 million Stolen U.S. Treasury checks
• $1 million Other frauds targeting banks and credit unions
• $310,000 Luxury watches purchased with laundered funds

• Review recent deposits for altered U.S. Treasury checks payable to shell companies linked to Obeng, Joseph, Georges, and Addo.
• Monitor for large purchases such as luxury watches and real estate loans, specifically a $425,000 loan secured by Nantucket property, as typologies of laundering proceeds.
• Check for unauthorized account access and recruitment of individuals to open accounts or withdraw funds, as described in the indictments against Obeng and others.

This case highlights sophisticated fraud and laundering schemes targeting federally insured banks and credit unions, involving altered U.S. Treasury checks and unauthorized account access. Compliance officers must be vigilant for typologies such as shell companies, luxury purchases, and real estate loans used to conceal stolen funds. The indictments underscore the importance of robust controls to detect fraudulent deposits, account takeovers, and recruitment of individuals to facilitate money movement, as these schemes can result in significant financial losses and reputational harm.