Mississippi man pleads to million dollar bank fraud conspiracy

A Mississippi man pleaded guilty to conspiracy to commit bank fraud, leading to a financial loss exceeding $1 million.

Court documents reveal that Aaron Brown, 42, starting as early as January 2021, conspired with multiple individuals to exploit his auto sales company and those owned by his accomplices in a systematic check kiting scheme. This involved issuing and depositing nonsufficient fund checks into their bank accounts, falsely indicating vehicle sales that had not occurred.

Before the scheme began, from May to December 2020, Brown’s company received 163 incoming checks and issued 50, resulting in over $5 million in deposits and withdrawals. However, during the height of the fraudulent activity between June and August 2021, the company received 1,204 checks and issued 1,161 checks to a co-conspirator’s company, with total transactions exceeding $60 million. The financial institutions eventually detected the scheme and stopped payment, but one institution suffered a loss of over $1 million.

Brown will be sentenced on October 22, 2024, facing a maximum sentence of 30 years in prison and a $1 million fine. A federal district judge will determine the sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The announcement was made by U.S. Attorney Todd W. Gee and Special Agent in Charge Robert Eikhoff of the Federal Bureau of Investigation. The case, investigated by the FBI, highlights the significant impact of fraudulent financial schemes on institutions and the rigorous efforts to bring those responsible to justice. Assistant United States Attorney Jonathan Buckner is prosecuting the case.