Tucson resident charged for role in bank fraud scheme

Forty-four-year-old Adam Sheafe as sentenced to seven years and 10 months in prison after previously being found guilty of conspiracy to commit bank fraud, according to the Department of Justice.

Sheafe was also charged with bank fraud and aggravated identity theft by a federal jury.

The DOJ said that Sheafe used stolen credit card numbers obtained from co-conspirators to process hundreds of transactions through separate merchant accounts at Bank of America and Compass Bank.

Sheafe conducted these fraudulent transactions in a short time-frame, and without the knowledge or consent of the actual cardholders. He rapidly moved the proceeds out of the merchant accounts before the banks discovered the scheme.

As a result, the financial institutions suffered over $500,000 in losses.