JPMorgan Chase Insider Allegedly Steals $857K in Treasury Check Scam

JPMorgan Chase Employee Allegedly Steals $857,000, Abusing Insider Status to Manipulate Hundreds of US Treasury Checks

A former part-time associate banker at JPMorgan Chase, Franchesca Calagui, has been accused of abusing her insider status to steal nearly $1 million. According to a Department of Justice indictment, Calagui allegedly cashed hundreds of forged U.S. Treasury checks while working as a teller at the banking giant, enriching herself and her co-conspirators over a period of about ten months.

The scheme involved Calagui accepting and cashing at least 339 forged checks totaling approximately $857,000. Prosecutors allege that Calagui intentionally flouted her employer's check-cashing policy by cashing U.S. Treasury checks for non-Chase Bank customers without verifying valid forms of identification, signatures, or required Chase accounts with sufficient funds.

Calagui is facing charges alongside alleged co-conspirator Dondre Gray. Prosecutors say the pair coordinated the scheme via text messages, phone calls, and other means. During the active period of the fraudulent scheme, Calagui deposited $15,000 in cash from the criminal enterprise into her personal Chase Bank account, while approximately $71,000 was deposited into her co-defendant's Chase Bank account.

If proven guilty, Calagui and her co-conspirator face up to 30 years in prison and a $1 million fine on each count.