• DoJ reported a 17-count indictment against Ahmad Nassar and Ayman Alaaraj.
• Brothers-in-law indicted for bank takeover scheme and aggravated identify theft.

Allegations

• Defendants used SIM swapping to hijack elderly victims’ accounts and bypass security.
• Over $794,000 was stolen through unauthorized transfers and credit card charges.
• Funds were laundered through fake accounts and via the defendant's businesses.
• Stolen funds were also used for withdrawals, transfers, gambling, and a Mercedes.

Enforcement

• Defendants may face up to 30 years and a $1 million fine for each count of bank fraud.
• For identity theft, the penalty includes a mandatory 2 years and up to a $250,000 fine.