4 indicted in scheme to defraud SECU by exploiting security vulnerability: Prosecutors

RALEIGH, N.C. (WNCN) — Four men were indicted in a scheme to defraud the State Employees’ Credit Union, federal prosecutors said Thursday.

According to the Office of the United States Attorney for the Eastern District of North Carolina, 27-year-old Quavedrian Da’mon Gibson, 27-year-old Keyondre Deionta Purvis, 29-year-old Michael Raekwon Ryner, and 29-year-old Calvin Daminice Stewart are accused of committing fraud against SECU in the summer of 2022.

The four defendants allegedly exploited a security vulnerability, which allowed them to access several SECU accounts. They repeatedly deposited and withdrew funds from member accounts to artificially inflate the assumed balances during a reconciliation period, then made large withdrawals that exceeded the actual balances of the accounts, according to federal prosecutors.

Prosecutors said the defendants’ alleged actions defrauded the SECU by leaving the member accounts with negative balances that were not repaid.

According to court records, the four defendants are all charged with conspiracy to commit bank fraud, bank fraud, and aiding and abetting.

“Protecting the integrity of banks and credit unions that serve North Carolina’s public is a top priority,” U.S. Attorney Ellis Boyle said in a statement. “We will continue to work closely with our law enforcement partners to investigate allegations of fraud and safeguard the trust and money placed in these institutions.”