PARAGOULD, Ark. (KAIT) -Police arrested three Memphis men suspected of attempting to cash a fraudulent check at a Paragould bank, ending a check fraud scheme that spanned multiple Arkansas counties.
Hugo Ayrot-Quintero, Jose Teran Moncayo and Wilber Montriel-Anez are being held in the Greene County Detention Center on the following charges:
- Engaging in a continuing criminal gang, organization or enterprise, a Class B felony
- Forgery, a Class C felony
- Conduct constituting attempt, a Class A misdemeanor
On March 25, police responded to a local bank regarding a forgery attempt in progress.
When officers arrived, they found Moncayo inside the bank attempting to cash a fraudulent check while the…
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This type of fraud targets the supply chain and accounts payable departments of businesses.
- Invoice Manipulation: Criminals intercept a legitimate invoice between a supplier and a client and change the banking details to their own. The client pays the bill thinking they are paying their trusted vendor.
- Kickbacks and Bribery: A vendor secretly pays an employee of the purchasing company to ensure their bid is successful or to overlook inflated pricing.