Feds: Philly woman key in ‘massive’ $200M international scam

Philadelphia Inquirer ^ | 02/05/2013 | Frank Kummer

[Kid Shelleen]

A Philadelphia woman was arrested today along with 12 others in what federal authorities call "one of the largest" credit card fraud schemes ever. --snip--

Essentially, the enterprise worked like this, according to the complaint:

Members of the group would create false identities through a series of documents, then create a false profile for the major credit bureaus.

Next, the group would, "pump up" the credit by providing false information to the credit bureaus from fake companies. The sham companies existed only to make it appear that the fictional people had excellent credit.

Finally, members of the group would run up large loans against the false identities. The higher the credit score, the bigger the loan they could obtain. The loans were never repaid.

Authorities say Adams used her Philadelphia-based One Stop Credit Shop to post fake credit histories to the credit bureaus. Adams sold the histories, known as 'tradelines' to others in the group, prosecutors sa

[driftdiver]

Corzine says she’s a piker

[BitWielder1]

They only messed up on one small point - they're not the government.
Otherwise it would have been OK.

[gaijin]

[colorado tanker]

The loans were never repaid.

They should have renamed themselves AIG and asked for a bailout.