LOS ANGELES — A Southern California man who recruited Wells Fargo employees to help steal nearly $600,000 from customer accounts is going to federal prison.
Seventy-year-old Ronald Reed of Inglewood was sentenced in Los Angeles Thursday to nearly 7 ½ years behind bars.
Prosecutors say Reed recruited Wells Fargo workers to access bank computer records. The stolen information was used to make fake IDs that “runners” used to withdraw money from customer accounts. They also deposited worthless checks and got cash back.
The transactions were made at Wells Fargo branches across Southern California and in other states, including Minnesota and Nevada.
Reed pleaded guilty last year to bank fraud and aggravated identity theft.