United States Attorney's Office District of Connecticut
Press Release

WESTON WOMAN PLEADS GUILTY TO CHECK KITING SCHEME
Theft from region's banks totals nearly $1,000,000

Kevin J. O'Connor, United States Attorney for the District of Connecticut, announced today that SANDRA MARTIN, age 65, formerly of 3 Pinefield Lane, Weston, Connecticut, has pleaded guilty to bank fraud relating to an extended check kiting scheme she carried out in 1997. Senior United States District Judge Peter C. Dorsey accepted MARTIN's plea of guilty on Friday, March 26, 2004, in New Haven.

As noted in documents filed with the court, beginning on or before January 18, 1997, and continuing until on or after April 1, 1997, MARTIN engaged in a scheme to defraud Peoples Bank and Chase Manhattan Bank, both FDIC insured institutions. During that time period, MARTIN maintained a checking account at Peoples Bank in Wilton, Connecticut, for Regent Realty Corp, a New York Corporation, where she was the sole authorized signatory on the account. She also maintained a checking account at the Chase Bank in Wilton, Connecticut, for International Marine Credit Corporation, a California corporation, where she was also listed as the sole authorized signatory on the account.

During the relevant time period, MARTIN synchronized the timing of the depositing of a substantial number of checks into the relevant Peoples Bank and Chase Bank checking accounts with withdrawals from those accounts so as to create the false impression that each account had balances sufficient to cover hundreds of thousands of dollars worth of checks written to third parties or cash – such conduct is otherwise known as "check-kiting." The losses attributable to MARTIN's check kiting and her other intentional writing of checks against insufficient funds involving two other banks, Fleet Bank and Wilton Bank, totaled approximately $977,294.

MARTIN faces a maximum term of imprisonment of five years and a maximum fine of $250,000 when she is sentenced by Judge Dorsey on May 17, 2004.

This case is being investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Christopher W. Schmeisser.

CONTACT:

U.S. ATTORNEY'S OFFICE
Tom Carson
(203) 821-3722
thomas.carson@usdoj.gov