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 said these schemes can 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 designed to hide the source of the funds from the stolen check. He also formed another fake entity with its own bank account, which received more than $1.3 million from other individuals who had deposited stolen Treasury checks.
Authorities said this activity was part of a larger scheme involving seven other defendants charged separately with thefts ranging from $150,000 to over $2.5 million in government funds.
United States Attorney Leah B. Foley announced the sentencing along with officials from the Internal Revenue Service Criminal Investigation, Treasury Inspector General, and U.S. Postal Inspection Service’s Boston Division. The Needham Police Department provided assistance during the investigation, while Assistant U.S. Attorneys Brian Sullivan and Seth Kosto are prosecuting the cases.
The broader implications of this case underscore law enforcement’s commitment to pursuing those involved in complex financial crimes targeting government resources.
