Street Gangs Giving White Collar Criminals A Run For Their Money: WSJ

Groups like the "Outlaw Gangsta Crips" and "Van Dyke Money Gang" are making JP Morgan and co. their victims.

Why get your hands dirty and risk blood splatter on your shoes when you can keep your khakis crisp and risk only a short stay at Club Fed?

When federal agents arrested a group of Outlaw Gangsta Crips last summer in Brooklyn, N.Y., the 38-page indictment accused nearly two dozen gang members of robbery, attempted murder and cocaine distribution. But the allegations also included an atypical charge for a street gang case: bank fraud. Prosecutors said the gang members created and deposited fake checks, and then quickly withdrew money from the accounts before the banks—including J.P. Morgan Chase and Bank of America—could identify the checks as fake. The alleged scheme reaped more than $500,000 for the group, according to the government...The case highlights a national trend, law enforcement officials say, as gangs traditionally associated with drugs and violent crimes are increasingly committing financial frauds. Gangs are getting into crimes like check fraud and identity theft because they are more lucrative, harder to detect and carry lighter prison sentences, experts say.

In related news, the "Outlaw Gangsta Crips" are not the only amazingly named organization getting into this new line of business.

In another case, 12 members of a group known as the Van Dyke Money Gang were accused last summer of defrauding banks like J.P. Morgan Chase and Bank of America out of more than $1.5 million. Manhattan federal prosecutors say the gang, mostly men in their 20s living in Brooklyn, fraudulently obtained money orders and cashed them at bank accounts along the East Coast, stretching from Washington to Boston.

And we don't even know what the Van Buren Boys $$$ Outlaw Gansta Bloods Crips Gang have surely been up to.

More Street Gangs Turn to Financial Crimes [WSJ]