Wk2 discussion

School: Keiser University - Course: DATABASE ISM4212G3 - Subject: Accounting

Yes, there have been pension funds that have been victimized by white-collar criminals in my state. In 2019, Kessey Durand, a 28-year-old man from Miami, Florida, was sentenced to 15 months in prison for federal wire fraud in connection with his scheme to steal over $107,000 in pension benefit payments intended for at least 21 pension recipients (Florida Man Sentenced to 15 Months in Prison for Pension Benefit, 2019). Durand stole the private information of elderly retirees over a five-month period and used it to access their retirement accounts for his own gain (Lake, 2019). According to court documents, Duran created or took over online MyPBA accounts of pension plan participants using personally identifiable information he obtained while working as a contractor at the PBGC's Miami Field Office. Durand changed the associated electronic direct deposit information after seizing those accounts, directing victims' monthly pension payments into accounts he controlled. In other cases, Durand attempted to change participants' electronic direct deposit information through social engineering, calling into the PBGC call center and convincing operators that he was the participant requesting the change (Lake, 2019). Between January and May 2018, Durand was successful in getting payments totaling $29,663.45 for 10 victims. He attempted to divert over $107,000 in total, from another victims, but the payments were not received (Florida Man Sentenced to 15 Months in Prison for Pension Benefit, 2019). On March 22, 2018, Durand admitted guilt to one count of wire fraud in the U.S. District Court for the District of Columbia. Durand was required to pay PBGC, which had compensated the pension recipients, $44,299.44 as part of a restitution judgment. Durand also consented to pay a $39,663.45 forfeiture money judgment as well as the forfeiture of $10,964.64 in previously seized funds. Duran was sentenced to 15 months in prison. Following his time in jail, he will complete 100 hours of community service and a 36-month period of supervised release (Florida Man Sentenced to 15 Months in Prison for Pension Benefit, 2019).