TUCSON, Ariz. – On Nov. 1, 2018, Adam Sheafe, 44, of Tucson, Ariz., was sentenced to 94 months’ prison by United States District Court Judge Raner C. Collins. Sheafe was previously found guilty of conspiracy to commit bank fraud, bank fraud, and aggravated identity theft by a federal jury.
The evidence at trial established that Sheafe used stolen credit card numbers obtained from co-conspirators to process hundreds of transactions through separate merchant accounts at Bank of America and Compass Bank. Sheafe conducted these fraudulent transactions in a short time-frame, and without the knowledge or consent of the actual cardholders. Sheafe rapidly moved the proceeds out of the merchant accounts before the banks discovered the scheme. As a result of the scheme, the financial institutions suffered over $500,000 in losses.
The investigation in this case was conducted by the United States Postal Service and the Federal Bureau of Investigation. The prosecution was handled by the U.S. Attorney’s Office, District of Arizona, Tucson.