TUCSON, AZ (Tucson News Now) - 44-year-old Adam Sheafe was sentenced on Nov. 1, 2018 to 94 months in prison for conspiracy to commit bank fraud, bank fraud, and aggravated identity theft. The United States Postal Service and the Federal Bureau of Investigation conducted an investigation and the prosecution was handled by the U.S. Attorney’s Office, District of Arizona, Tucson.
Evidence established that Sheafe used stolen credit card numbers obtained from co-conspirators to process hundreds of transactions through separate merchant accounts at Bank of America and Compass Bank. These fraudulent transactions were conducted in a short time frame and without knowledge or consent of the actual cardholders. Sheafe moved the proceeds out of the merchant accounts before the banks discovered the scheme. The financial institutions involved suffered $500,000 in losses.