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twitterMan indicted in ATM scam
Thursday, June 29, 2000 | 10:29 a.m.
An arrest warrant has been issued for a man accused of defrauding investors out of some $2 million in an ATM scam.
Louis Vallette, 61, was indicted on fraud and money laundering charges.
Assistant U.S. Attorney Margaret Stanish said Vallette's whereabouts are unknown, but prosecutors decided to seek the indictment before the statute of limitations runs out.
The indictment claims Vallette conducted the scheme from October 1992 through September 1995.
According to the indictment, Vallette devised a scheme in which he solicited people to invest money to participate in the leasing of ATM machines to merchants.
Instead, the document alleges, Vallette used the funds to issue "purported lease revenue checks to the investors" and for his personal use, "including gambling large sums in casinos."
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