- Two USPS workers steal, facilitate $10M in check fraud.
- Significant financial theft uncovered with harsh sentences enforced.
- Federal checks affected, no immediate impact on cryptocurrency assets.
Two Los Angeles postal workers, Charlie Banks Green Jr. and Rashad Deon Stolden, were sentenced to over five years in prison for stealing over $10 million in checks from 2020 to 2024.
The event highlights vulnerabilities in traditional financial systems, despite no direct cryptocurrency involvement, underscoring critical issues of security and governance in handling sensitive financial instruments.
In Los Angeles, former USPS employees Charlie Banks Green Jr. and Rashad Deon Stolden were sentenced to over five years in federal prison. The duo was found guilty of stealing more than $10 million in checks. Ex-USPS Letter Carrier Sentenced to over five years in federal prison, Rashad Deon Stolden said, “In June 2022, Stolden stole a $7.3 million Treasury check… He then sold the check to a co-conspirator, who negotiated it at a bank in Tennessee, writing him, ‘I need you man,’ ‘I’m trying to retire.’… The co-conspirator was able to withdraw more than $1 million from the deposit of this check.” Green was ordered to pay $1.62 million in restitution. Their crimes included stealing federal Treasury checks, with a single $7.3 million check illicitly negotiated in Tennessee.
The theft had widespread implications on those whose checks and debit card information were compromised. Primarily targeting federal and state agency checks, victims included those reliant on disability benefits. USPS Employee Sentenced for Role in Stolen Check Scheme The restitution orders represent an attempt to mitigate the financial damage inflicted. While significant, the amounts ordered do not fully compensate affected parties.
Past incidents, such as the Takedown of $24 Million Check Theft Conspiracy in Charlotte, highlight systemic weaknesses. Each case showed patterns of using traditional banking, avoiding crypto channels entirely, isolating digital assets from these impacts. Ongoing scrutiny of postal systems and banking collaboration aims to hinder future fraud attempts. Financial systems and law enforcement collaboration is key to preventing similar incidents.
