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Gerti Muho of Miami, Florida Arrested for Identity Theft, Bank Fraud, and Wire Theft

Gerti Muho of Miami, Florida was arrested by federal agents in Queens, N.Y. and is being charged with several counts of identity theft, bank fraud, and wire fraud. Muho, 32, faces 36 federal charges and is believed to have stolen between $1.5 million and $3 million from the clients of his former employer, Fletcher Asset Management. He has been transferred to Broward County Jail, where he is being held without bond until his trial begins.

According to federal authorities, Muho was a manager with Fletcher Asset Management from June 2012 until he was fired in April 2013. His post gave him access to confidential financial information and he is believed to have copied several files containing data about the New York-based hedge fund’s clients.

A few months after Muho was fired, he allegedly used the stolen files to fraudulently transfer $2 million from the Monaco bank account of one of his former clients to two different bank accounts under his name. He reportedly spent $900,000 of that money to purchase a 2013 Maserati GT, gamble, and pay off personal credit card debts. He allegedly spent an additional $775,000 on a luxury condo at the Marquis Residences on Biscayne Boulevard in Miami.

The victims from Fletcher Asset Management have sued to freeze the $400,000 that remained in Muho’s personal bank accounts. They won the civil suit and Muho is required to pay the full loss with interest.

Over the course of the past three years, Muho purportedly used several different aliases. Under the name Gerard Morgan, Muho allegedly fraudulently applied for and received a $500,000 mortgage loan using the Marquis Residences luxury condo as collateral. Court records state that he also used stolen identities to deposit numerous counterfeit checks and apply for student, auto, personal, and credit card loans collectively valued at $185,000.

Muho has a law degree from the University of California, Berkeley, but he failed to pass the Bar exam and is not licensed to practice law. Records show he has been allowed to represent himself in several civil lawsuits linked to his former employer and bankruptcy filings in New York, Delaware, South Florida, and California. All of these cases have either been dismissed or are under appeal.

Muho is expected to enter a plea at a federal court hearing in Fort Lauderdale next month. If convicted, he could be sentenced to up to 30 years in federal prison.

Source: 6.24.16 Muho Identity Theft, Bank Fraud, Wire Theft.pdf