A Providence man has pleaded guilty to a charge of conspiracy to commit bank fraud. Forty-three-year-old Jarrod Smith admitted in federal court that he took part in a conspiracy to defraud banks by creating and depositing tens-of-thousands of dollars' worth of bogus checks.
The fraud involved stolen checks that were deposited into bank accounts of people that he or other members of the conspiracy recruited.
After the checks were deposited, Smith or the others withdrew the money, and they paid the person's whose bank account was used in the scheme.
Smith is scheduled to be sentenced on August 19th.
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