Hao “Howie” Wang, a JPMorgan Chase banker formerly employed at a Manhattan branch, was arrested and arraigned in New York County Supreme Court earlier today in connection with an alleged theft of over $1 million. According to Manhattan District Attorney Cyrus Vance Jr., Mr. Wang stole the identities of four clients to get his own personal bank bail out. Mr. Wang is charged with one count of Grand Larceny in the First Degree (NY PL 155.42), four counts ofGrand Larceny in the Second Degree (NY PL 155.40), one count ofGrand Larceny in the Third Degree (NY PL 155.35), twelve counts ofIdentity Theft in the First Degree (NY PL 190.80), four counts of Falsifying Business Records in the First Degree (NY PL 175.10), five counts of Forgery in the Second Degree (NY PL 170.15), and one count of Scheme to Defraud in the First Degree. If convicted, Mr. Wang faces up to 25 years in prison for Grand Larceny in the First Degree, 15 years in prison for Grand Larceny in the Second Degree, 7 years in prison for Grand Larceny in the Third Degree, Identity Theft in the First Degree and Forgery in the Second Degree, and 4 years in prison for Falsifying Business Records in the First Degree and Scheme to Defraud in the First Degree.
Arrested in November at Newark Airport, it is alleged that Mr. Wang perpetrated his scheme by using clients’ information to open accounts or obtain loans that he would eventually use. Other than buying himself a $46,000 watch, it is alleged that most of this money was transferred overseas where Mr. Wang may have been heading at the time of his arrest.
DA Vance’s predecessor, Robert Morgenthau, always stressed the importance of fighting crime in the suites as well as the streets. DA Vance appears to be continuing that tradition by not only prosecuting white collar and street crimes, but combining the two as displayed with his office’s recent “take down” of scheming cab drivers. It would not surprise me if the Manhattan District Attorney’s Office smokes out other individuals tied to Mr. Wang’s scheme. Time, something Mr. Wang has, will tell just that.
Crotty Saland PC is a New York criminal defense firm founded by two former Manhattan prosecutors. While past success cannot guarantee future outcomes, the New York criminal lawyers at Crotty Saland PC have had tremendous results representing clients in white collar fraud allegations ranging from the tens of thousands to millions of dollars in the New York City area.
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