Leah B. Foley United States Attorney for the District of Massachusetts | Department of Justice
Eric Banks of Quincy was sentenced on March 4 in federal court in Boston to 14 months in prison for his role in a bank fraud and money laundering scheme involving stolen U.S. Treasury checks. Chief U.S. District Court Judge Denise J. Casper also ordered Banks, age 71, to serve three years of supervised release following his prison term.
The case is significant as it highlights the use of fraudulent entities and complex transactions to conceal the origins of stolen government funds. Such schemes can undermine trust in financial institutions and government payment systems.
Banks pleaded guilty in November 2025 to one count of bank fraud and five counts of money laundering. According to court documents, he obtained a stolen Treasury check worth over $1.1 million that was made out to a New York-based company. He then created a Massachusetts entity with the same name, opened a bank account for this fake entity, and deposited the check. Banks carried out multiple illegal transactions intended to hide the source of these funds.
In addition, authorities said Banks formed another fake entity and opened an additional bank account under its name. Other individuals involved in similar activities transferred more than $1.3 million into this second account as part of a broader scheme involving seven other defendants charged separately with thefts ranging from $150,000 to over $2.5 million.
The announcement was made by United States Attorney Leah B. Foley; Thomas Demeo, Special Agent in Charge of Internal Revenue Service Criminal Investigation’s Boston Field Office; Michael Carpenter, Special Agent in Charge at the Treasury Inspector General; and Nicholas Bucciarelli, Acting Inspector in Charge at the U.S. Postal Inspection Service’s Boston Division. The Needham Police Department provided valuable assistance during the investigation.
Assistant U.S. Attorneys Brian Sullivan and Seth Kosto are prosecuting these cases as authorities continue efforts against financial crimes involving government funds.
