PARAMUS, N.J. – A Bergen County man is facing serious charges after allegedly orchestrating a check-kiting scheme that netted nearly $500,000 in stolen funds over a three-week period, authorities said.
Evangelos Drosos, 50, of Glen Rock, was arrested on Wednesday, April 9 in Paramus, following an extensive investigation by the Bergen County Prosecutor’s Office Financial Crimes Unit, Prosecutor Mark Musella announced.
According to investigators, Drosos engaged in a financial scam known as check-kiting, where he issued fake checks from his own accounts—fully aware they had insufficient funds—and deposited them into separate accounts at another bank. He then took advantage of provisional credit policies to quickly withdraw the non-existent funds before the checks bounced.
“Drosos then abused the provisional credit by rapidly withdrawing the non-existent funds,” Musella explained, adding that the fraudulent activity resulted in losses totaling approximately $496,788.88.
The illegal transactions were carried out continuously over three weeks, officials said.
Drosos was charged with the following offenses:
Second-degree theft by deception
Second-degree money laundering
He was booked into the Bergen County Jail and is currently awaiting a court appearance at the Bergen County Superior Court in Hackensack.
