Man Sentenced for Stealing $7.97 Million in Treasury Checks

TLDR

• Duncan-Carle stole $7.97 million in Treasury checks.
• He faces 72 months in federal prison and five years supervised release.
• The fraud caused $3.49 million in losses to various entities.

Kyle Eugene Duncan-Carle, a 41-year-old from Las Vegas, Nevada, is facing 72 months in federal prison followed by five years of supervised release. He admitted to stealing $7.97 million in US Treasury checks, marked as one of the significant financial scams impacting the government treasury and financial institutions between January and September 2023.

The US Attorney’s Office for the District of Utah provided statements detailing the crimes and the sentencing outcome. Duncan-Carle’s fraudulent activities disrupted various financial systems by unlawfully obtaining checks, committing identity theft, and cashing stolen funds through illicit means.

Understanding the Scheme’s Impact on Financial Institutions

Between January and September of 2023, Duncan-Carle executed a series of fraudulent actions. He stole Treasury checks made out to individuals or companies, engaged in identity theft, and used these identities to open false accounts in various credit unions. Through these actions, he was able to cash the checks and withdraw significant amounts of money unlawfully.

The fraudulent activities led to a direct financial loss of $3.49 million affecting several entities. The entities impacted include the US government, various financial institutions, and an insurance provider, as detailed by the IRS Criminal Investigation Division.

Lack of Connection to Cryptocurrency Markets

There is no indication that the stolen funds were related to or used in any cryptocurrency markets. Duncan-Carle’s financial crimes focused entirely on traditional banking fraud. The operation did not involve crypto projects, exchanges, or digital assets.

No cryptocurrencies, including Ethereum, Bitcoin, or other altcoins, were affected by this fraudulent activity. Similarly, the fraud had no implications for DeFi assets, with no on-chain data metrics such as Total Value Locked (TVL) or liquidity being involved in the case.

Official Responses and Legal Statements

The case has prompted responses from law enforcement and regulatory agencies. The Department of Justice and the IRS have both commented on the case, focused on accountability and the legal process rather than regulatory updates impacting digital assets.

There have been no public reactions or quotes from notable figures in the cryptocurrency industry in response to the case. This is likely due to the nature of the crimes, which do not intersect with digital technologies or crypto markets. More details can be found in the Department of Justice announcement.