Sherman Arrest May Bust Fraud Ring

10-5-05 - A federal investigation got a big break this week with an arrest in Sherman that may help uncover a massive credit card fraud ring.

Several office supply stores in North Texas were targeted by fraud thieves using bogus identities to steal computers and office supply equipment. But one watchful clerk at the Staples in Sherman put a stop to one case.

It was just after 2 p.m. when an irregularity in the authorization popped up when a woman tried to pay for her purchase using a bogus credit card account.

Sherman Police made the arrest, but federal investigators say this appears to be part of a fraud ring across the area that opens up credit card accounts using stolen identities.

Right now they estimate over $300,000 in computers and office equipment has been lost.

The suspect arrested Monday is in the Grayson County Jail, but even though local authorities made the arrest, federal charges are likely coming.

US Postal Inspectors were at the Staples Monday to begin their investigation. They did talk to the suspect, and right now they are trying to find out who else may be using these bogus credit cards and where they may be.

The postmaster began looking for the fraudulent numbers after complaints from victims that had their identities stolen.