Hunt Intensifies For HELOC Bandit Targeting Credit Unions

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Hunt Intensifies For HELOC Bandit Targeting Credit Unions

Jun 7, 2023 | News | 0 comments

Delaware authorities have issued a cautionary notice regarding a female suspect accused of pilfering substantial amounts of money from credit unions’ home-equity lines of credit along the Eastern Seaboard.

The advisory was posted on social media earlier this month by the Delaware State Police.

According to a post made by the Delaware State Police, their financial crimes unit is seeking assistance in locating Danielle Cappetti. Allegedly, Cappetti has been utilizing counterfeit identification documents to withdraw substantial amounts of money from credit unions situated throughout the Atlantic Coast Region, including those in Delaware.

As per the state police, it has been reported that among the four documented withdrawal attempts made by Cappetti in Delaware, one took place in Maple Township, while another occurred in Upper Darby.

An article published by Credit Union Times revealed that the victims in Delaware, who suffered an average loss of $40,000, had funds accessible through their home-equity lines of credit (HELOCs). Cappetti allegedly made numerous withdrawals totaling hundreds of thousands of dollars from these lines, as well as from the victims’ personal accounts held at four distinct credit unions. According to the article, it was additionally mentioned that Cappetti stands accused of embezzling funds from credit unions and their members in Pennsylvania and New York.

According to a recent Financial Crimes Enforcement Network report, financial institutions and non-bank lenders filed a total of 9,103 Suspicious Activity Reports (SARs) related to home-equity transactions in 2022. These reports are mandatory when lending institutions suspect illicit activities. Among these filings, there were 8,163 SARs specifically regarding home-equity lines of credit (HELOCs), which significantly increased from the previous year’s count of 5,720.

According to a social media post by the Delaware State Police, individuals with any information about the location of Cappetti are urged to contact Sergeant A. Morris at 302.752.3806.