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3 await sentencing for role in massive $45 million ATM cyber theft

Loretta Lynch. Eagle file photo

Associated Press

Three members of a global cyber theft ring are awaiting sentencing for their role in stealing $45 million.

Authorities say the defendants operated a cell that encoded magnetic stripe cards with information from Middle Eastern banks.

U.S. Attorney Loretta Lynch in Brooklyn said they kept some of the money and passed the rest to hackers organizing the thefts.

She announced that one man pleaded guilty on Tuesday and two others pleaded guilty in October.

Bogus cards were used in thousands of ATM thefts. Prosecutors say cells in New York and elsewhere moved with astounding speed to loot financial institutions.

They could face 7½ years in prison and fines of up to $25,000.

One will be sentenced next April; the others' dates have not been set.

November 13, 2013 - 1:30pm


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