PHILADELPHIA, PA — Federal authorities have charged three individuals from Queens, New York—Fanchao Zeng, 33; Zhongzhou Lin, 26; and Yanping Li, 32—in connection with a bank fraud conspiracy targeting home equity lines of credit (HELOCs), the U.S. Attorney’s Office announced.
The indictment alleges the trio orchestrated a scheme to impersonate bank customers and illegally access their HELOC funds. Charges include conspiracy to commit bank fraud, multiple counts of bank fraud, aggravated identity theft, and aiding and abetting.
According to investigators, the defendants stole HELOC account information and used fraudulently obtained driver’s licenses. They submitted false change-of-address requests to the Pennsylvania Department of Transportation, enabling them to receive account correspondence and request replacement licenses. This allowed them to impersonate victims and access their HELOC accounts.
The conspirators allegedly transferred stolen HELOC funds into accounts they controlled or fake business accounts under victims’ names. Large cash withdrawals and purchases of official checks were made, with many checks cashed at casinos. The proceeds were used for gambling, helping to hide the illicit origins of the money.
If convicted, Zeng faces up to 131 years in prison and a $5 million fine; Lin could receive 159 years and $5.75 million in fines; Li faces up to 101 years and $4.25 million in fines.
The FBI investigated the case, which is prosecuted by Assistant U.S. Attorney Eric D. Gill. All defendants are presumed innocent until proven guilty. Updates will follow as the case progresses.
