Providence Check Fraud Leader Gets 5 Years In Prison

PROVIDENCE, RI — A Providence man was sentenced to five years in prison after leading a check fraud plan which defrauded Rhode Island banks out of more than $80,000, federal prosecutors announced.

Terrance Richardson, 30, pleaded guilty to conspiracy to commit bank fraud and twelve counts of bank fraud in March. He was sentenced Monday.

According to prosecutors, Richardson began the check fraud scheme as early as April 2020.

He would typically create and deposit counterfeit checks into accounts of people who agreed to participate in the scheme in exchange for cash payments. Prosecutors said these people were often recruited through Facebook.

Once deposited, Richardson or others would quickly withdraw the money from ATMs before banks had time to determine they were fraudulent.

After serving his five year sentence, Richardson is subject to three years of federal supervision. He is also ordered to pay back more than $83,000 to banks, prosecutors said.