Eric Banks of Quincy was sentenced on March 4 in federal court in Boston to 14 months in prison and three years of supervised release for his role in a bank fraud and money laundering scheme involving stolen U.S. Treasury checks.
The case highlights ongoing efforts by federal authorities to address financial crimes related to the theft and fraudulent use of government funds. Prosecutors say such schemes undermine public trust and result in significant losses to taxpayers.
Banks, age 71, 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 U.S. 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 it, and deposited the check. Banks conducted multiple illegal transactions intended to hide the origin of the funds from the stolen check.
Authorities said Banks also formed a second fake entity and opened another bank account under its name. Other individuals involved in similar activities transferred more than $1.3 million into this account as part of an organized scheme involving seven other defendants charged separately with thefts ranging from $150,000 to over $2.5 million.
United States Attorney Leah B. Foley announced the sentencing along with officials from the Internal Revenue Service Criminal Investigation, Treasury Inspector General, U.S. Postal Inspection Service’s Boston Division, and Needham Police Department. Assistant U.S. Attorneys Brian Sullivan and Seth Kosto are prosecuting these cases.
The broader investigation continues as authorities pursue charges against additional defendants accused of participating in related schemes.