BALTIMORE, MD – Theodore Sapperstein, 67, formerly of Pikesville, has been sentenced to thirty months in federal prison, followed by three years of supervised release, for his role in a conspiracy to commit bank fraud. The sentencing occurred today in Baltimore federal court.
The charges were announced by U.S. Attorney Erek L. Barron, Principal Deputy Assistant Attorney General Brian M. Boynton of the Justice Department’s Civil Division, and Postal Inspector in Charge Damon E. Wood of the U.S. Postal Inspection Service Washington Division.
Court documents reveal that Sapperstein and his co-conspirators used shell companies to unlawfully debit money from the bank accounts of unsuspecting victims across the United States. They misled banks into believing these debits were for services purportedly rendered by these fictitious companies. To minimize detection and reduce bank scrutiny, the scheme also involved “micro debits” from other controlled bank accounts, which kept the shell companies’ return rates artificially low.
U.S. Attorney Barron emphasized the commitment of his office to combat such predatory white-collar crimes, which exploit shell companies and deceptive financial practices to siphon funds from victims. Principal Deputy Assistant Attorney General Boynton also affirmed the dedication of the Justice Department to prosecuting those who steal from American consumers.
Additionally, in July 2024, Shoaib Ahmad of Canada was charged in the Central District of California for his involvement in similar fraudulent activities, highlighting the international scope of these offenses.