An irreverent Wall Street Blog
by Bill Singer
 
Join BrokeAndBroker blog on Facebook  Follow the BrokeAndBroker blog on Twitter  Connect with BrokeAndBroker on LinkedIn  Join Bill Singer on Google+  Subscribe to RSS Feed

Bulgarian Indicted for ATM Skimming Fraud
Written: September 27, 2010

Recently, BrokeAndBroker reported about the theft of confidential financial information by a Lithuanian based criminal enterprise in "Caught in the Spider's Web" at http://www.brokeandbroker.com/index.php?a=blog&id=562.  Now, we have a similar tale alleging that a Bulgarian citizen stole bank account information.

Skimming

ATM cards used by customers to access their accounts are encoded with customer account information, in addition to a Personal Identification Number ("PIN"), which the customer enters into the ATM by means of a keypad.

"Skimming" is an illegal activity that involves the installation of a device, usually undetectable by ATM users, that secretly records the user’s bank account data when the user inserts an ATM card into the ATM machine.

The Hidden Camera Ploy: Skimming also typically involves the use of a hidden camera, also installed on or near an ATM, to record customers’ entry of their PINs into the ATM’s keypad. Skimming devices are typically installed on ATMs for short periods of time -typically just a few hours -- before they are removed by the individuals involved in the skimming activity. Once removed, the account information that was collected by the devices is retrieved and encoded onto blank ATM cards, in effect creating a duplicate of the cards used by the bank customers. With the stolen PINs obtained by the hidden cameras, individuals engaged in skimming use the duplicate cards at ATMs to fraudulently withdraw money from bank customers’ accounts.

From Bulgaria With Love

A federal Indictment alleges that from at least December 2007 through June 2009, 19-year old Radostin Paralingov of Plovdiv, Bulgaria and Ulian Paralingov participated in a scheme to install skimming devices on ATMs in the New York City area, and then used the stolen account information to fraudulently withdraw over $1 million from the victims’ accounts. Radostin Paralingov primarily installed skimming devices on ATMs at branches of Citibank, N.A., and JPMorgan Chase Bank, N.A.

Radostin Paralingov is charged in the Indictment with one count of conspiracy to commit bank fraud, one count of bank fraud, one count of conspiracy to commit access device fraud, and aggravated identity theft. If convicted, he faces a maximum sentence of

  • 30 years in prison each for the conspiracy to commit bank fraud and bank fraud charges,
  • 7 1/2 years in prison for the conspiracy to commit access device fraud charge, and
  • 2-year consecutive mandatory sentence for the aggravated identity theft charge.

On September 20, 2010, Radostin Paralingov was arrested at McFarren International Airport in Las Vegas, Nevada, after arriving on a flight from London.

Ulian Paralingov,who is also charged in the indictment, has not yet been arrested.

NOTE: The charges and allegations contained in the Indictment are merely accusations, and the defendants are presumed innocent unless and until proven guilty.


 
[^top^]

Previous Entries
October 22, 2014
FINRA has this thing about registered representatives engaging in so-called "Outside Business Activities" ("OBA"). Frankly, I don't agree with certain... Read On
October 21, 2014
Stockbroker, Compliance, Legal, and Regulatory JobsEmployment Page BrokeAndBroker.com Jobs#wallstreetjobs @brokeandbrokerNOTICE TO EMPLOYERS... Read On
October 20, 2014
Once upon a time, Wall Street's regulators seemed to view so-called "Failure To Supervise" matters as a last resort -- the final arrow in a quiver. &n... Read On
October 18, 2014
Athena No Goddess Says SEC in HFT SettlementOctober 17, 2014In an effort to cultivate an orderly daily closing, ten minutes before the close at 3:50:0... Read On
October 17, 2014
In an effort to cultivate an orderly daily closing, ten minutes before the close at 3:50:00 p.m., NASDAQ releases a Net Order Imbalance Indicator, whi... Read On
October 17, 2014
Securities and Exchange Commission ("SEC") Commissioner Michael S. Piwowar and his often like-minded colleague, Commissioner Daniel Gallagher, are the... Read On
October 16, 2014
On October 15, 2014, the Securities and Exchange Commission (“SEC”) filed an Order Instituting an Administrative Proceeding (“OIP”) against “Complianc... Read On
October 15, 2014
You should be thrilled to learn that the venerable Lloyds & Associates Management Ltd. is involved in this deal that I’m going to pitch to you. Yo... Read On
BrokeAndBroker.com Job Search
Related Topics
Tag Cloud
Internet FINRA Bear Stearns Bloomberg SEC NASD NYSE Money Laundering Due Diligence Waiver Forbes China Chepucavage Broy Woody Allen Madoff NAC NPR Marketplace Stanford UBS Ketchum Antitrust NASDAQ RRBDLAW Schapiro Bill Singer BrokerAndBroker USERRA Brokeandbroker.com Morgan Keegan Arbitration Counterclaim BrokeAndBroker.com Khuzami BrokeAndBroker Aleynikov Goldman Sachs brokeandbroker Promissory Note U4 Bill SInger EFL CFTC Huffington Post Flash Crash arbitration RBC RRBDLAW.com Ponzi Affinity Fraud Wachovia Raymond James BrokeandBroker.com Expungement Fraud Securities Fraud Outside Business Activity Registered Rep Magazine FOREX BrokerAndBroker.com FBI Banc of America Pro Se Supreme Court Morgan Stanley Smith Barney E*Trade Margin email Galleon Penson U5 Defamation Protocol Wells Fargo Punitive Damages Citigroup Merrill Lynch ARS Employee Forgivable Loan Street Legal Morgan Stanley AWC Fidelity Bankruptcy Broke And Broker HFT David Sobel Day Trading Ameriprise Commissions Spouse Schwab Commission CRD Kenneth Starr IRS CNBC Complaint ATM Skimming Hacking Phishing Malware Naskovets Poteroba Koval Lincoln Financial Selling Away Outside Business Activities Rakoff 2nd Circuit Second Circuit IRA 401k Forgery Tax RRBDlaw.com Email Netschi Moore Whistleblower Street Sweeper Tran Bharara Facebook Online Severance Bonus Eligibility Rule TD Ameritrade Hedge Fund SAC 1099 Smith Barney Lehman Brothers SIPC IC3 Scottrade Lehman JPMorgan Chase Hertz Insider Trading Bank of America Department of Justice Elles Bribe Auction Rate Securities Raiding Spam Edward Jones Medicare Diabetes Dow Schumer Walter Bid Rigging Real Estate Discrimination Wall Street Statutory Disqualification Form U4 Form U5 Indictment Boyland DOJ Corruption bill singer FTC Do Not Call FINRA Arbitration Costa Rica Settlement LIBOR Varney Plea Rule 8210 Eligibility RRBDlaw Appeal Fowler LPL Johnson US Airways Reg D MSSB Vault Loan SunTrust Discovery Employment Rosenthal Recruiting Lawyer Trading Platform JP Morgan Employment Tuesday Wrongful Termination Bank Guarantee WaMu Solicitation REIT Martin Credit Cards Away Account Credit Repair PN Advisor Placement Group Forex Mortgage Private Placement Moon Merrill Anderson Exam Lee Borrowing Tax Lien Conversion Oppenheimer Wedbush Felony Misdemeanor Expenses ING Lien OTR Estate Jobs Florida Credit Card Elderly Flash Drive Annuity Expense Reimbursement FNMA BrokeAndBroke TIC DWI Promissory Notes Suitability Will POA Power of Attorney Casino NSF MF Global Counterfeit Preet Bharara Corzine Hacker RIA Prison Disclosure NASAA Aguilar FCPA Subway Identity Theft Gold Dell Bar Injunction Bank Deutsche Bank Hospital God HSBC Private Placements Eric Stein Wire Fraud CCO Joshua Brown Backstage Wall Street Obstruction of Justice Reuters Retaliation Variable Annuity Arbitraiton Outside Account Options Telephone Wine Social Media ADA Pacifico Non-Prosecution Agreement Confirm Tax Fraud Retirement OBA Equity Indexed Annuities EIA MetLife Continuing Education OIP Tax Liens Willful CE Unregistered Impersonation Annuities BBVA Business Expenses ETF JOBS Act Mail Fraud Parking Variable Annuities Signatures BitTorrent Impersonator Wire Transfer Wire Crowdfunding Nasdaq Away Accounts WSP Laptop Dodd Frank Checks RMBS AML PST Solicited Unsolicited Congress SRO Wife Discretion Non-Solicitation Restaurant Commodities Private Securities Transaction Offer of Settlement Money Market employment jobs Great Recession Chase Investment Services Arrest Barclays Liens Failure To Supervise Apple Time And Price T&P Willfully Husband Letter of Authorization LOA Sexism Debit Card Knight Test Practice Sale Unfair Competition Signature Judgments Undisclosed Settlement Trainee Fee Trust Laser Side Bar Mattera Female Sales Assistant Kennedy Charge Sexist NML Argentina Embezzlement Silver Judgment Bank Fraud Deceased TSSB Mary Jo White Trustee Motion To Dismiss Frumento Conspiracy 6th Circuit Proctor Rule 3040 Class Action Beneficiary NYAG Schneiderman Gallagher White Self Regulation Short Sale Compromise Website TRO Supervision Vacatur SDNY BrokeAndBroker Bill Singer Piwowar Rule 1122 Article V signature Inside Information VA Regulation SP Customer Rule 3270 OWB Stockbrokers
 
Email Bill Singer Connect with Bill Singer on Facebook Follow Bill Singer on Twitter Link up with Bill Singer on LinkedIn Join Bill Singer on Google+