71-Year-Old Admits Theft of $1.13M from US Treasury

A 71-year-old man has admitted to stealing over $1 million in U.S. government funds, according to the Department of Justice.

Eric Banks, a Quincy resident, pleaded guilty to fraud and money laundering after stealing a $1.13 million Treasury check intended for a New York business.

Banks opened a bank account in the name of the legitimate firm and deposited the stolen check. He then conducted multiple transactions to conceal the funds' origin.

He also created a second fake entity and used it to launder more than $1.3 million in stolen government checks.

Seven other individuals are facing separate charges for collectively stealing $7.44 million in federal funds.

Banks will serve 14 months in prison followed by three years of supervised release.