Elk Grove man indicted on federal charges for bilking senior citizens out of nearly $800,000 in high-tech bank-fraud spree
A federal grand jury has indicted Ahmad Nassar, 38, of Elk Grove, on 17 counts of bank fraud, aggravated identity theft and access-device fraud for what prosecutors call an elaborate scheme that siphoned more than $794,000 from two senior citizens’ bank accounts.
The indictment, unsealed Tuesday, also names Ayman Alaaraj, 48, of Sacramento, as an alleged accomplice. Acting U.S. Attorney Michele Beckwith said the pair used sophisticated “account-takeover” tactics to seize control of their elderly victims’ checking, savings, and credit lines at two different banks beginning in May 2023.
Investigators say Nassar first “ported” one victim’s phone number onto a new device, allowing him to intercept two-factor authentication codes and bypass security safeguards. Once inside the accounts, Nassar, sometimes aided by Alaaraj, allegedly drained balances and ran up credit-card charges, then funneled the proceeds through shell accounts opened in the victims’ names.
Prosecutors contend more than $100,000 was routed through Alaaraj’s bookkeeping and investment businesses before the men splurged on cash withdrawals, online gambling, Western Union transfers, and even a Mercedes-Benz.
Nassar was already on federal supervised release for a 2019 conviction involving possession of multiple stolen access devices, aggravated identity theft and illegal firearm possession. He was taken into custody Feb. 7 for allegedly violating that release and remains jailed and Alaaraj has been ordered to surrender to authorities.
Both men face up to 30 years in prison and a $1 million fine on each bank-fraud count, plus a mandatory two-year term for aggravated identity theft. Nassar could receive an additional 20 years for the access-device charge.
The case was investigated by the FBI and the California Department of Justice’s Bureau of Gambling Control. Assistant U.S. Attorney Elliot C. Wong is prosecuting.
Authorities urge anyone who suspects elder financial abuse or identity theft to contact local law enforcement or the FBI’s Sacramento field office.
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