Wilmington Man Convicted in $560K Pandemic Loan Fraud Scheme
A Wilmington man, Crandall Speights, faces severe consequences after being convicted of a large-scale fraud scheme. Speights, with fourteen previous convictions, defrauded the federal government of approximately $560,000 through student loans and personal loans.
Speights' modus operandi involved stealing checks from mailboxes between 2019 and 2021, with amounts ranging from $300 to a staggering $101,453. He then used these stolen funds to obtain student loans and personal loans, amassing a total of $560,000. Speights coerced a friend, Quinton Bonds, into assisting him in this scheme.
Speights spent the ill-gotten gains on lavish purchases, including gambling, furs, and jewelry, totaling over $900,000. Law enforcement managed to seize a significant portion of these assets, valued at approximately $524,155, from his home. The total amount stolen from area mailboxes was $345,000.
Crandall Speights' criminal activities have resulted in a conviction that carries a potential prison sentence of more than five years. Despite the seizure of a substantial portion of his illegal proceeds, the investigation into which bank he defrauded in relation to the student loans and personal loans is ongoing.
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