A federal grand jury has indicted an Alameda man on 15 counts of bank fraud and aggravated identity theft in connection with the alleged theft of funds from a prepaid debit cards program for federal benefits.
According to the indictment this month, Nathan Wu-Falkenborg, 49, of Alameda, worked in fraud prevention at a company that administered a prepaid debit card program. Known as Direct Express, the program allowed recipients of federal benefits to access their benefits through a prepaid debit card account.
In just six months, between September 2021 and March 2022, an FBI investigation found that Wu-Falkenborg allegedly used his access to confidential account information to activate and use numerous Direct Express accounts that had been funded but did not appear to be in use…