Gone in 60 Seconds (bank fraud)
| Company type | Fraudulent operation |
|---|---|
| Industry | Banking, Gambling |
| Founded | 2012 |
| Founder | Ara Keshishyan and collaborators |
Area served | Southern California and Nevada, United States |
| Products | Illicit cash withdrawals from Citibank accounts via casino kiosks |
Gone in 60 Seconds refers to a 2012 fraudulent operation that involved the illicit withdrawal of more than $1 million from Citibank by exploiting cash advance machines located within casinos across Southern California and Nevada.
Scheme Details
Ara Keshishyan, along with his collaborators, established Citibank checking accounts, initially depositing funds into them. They took advantage of a system vulnerability by performing multiple simultaneous large cash withdrawals at casino kiosks, thereby accessing amounts far exceeding their account balances.
Following the extraction of significant cash sums from these kiosks, the group engaged in extensive gambling activities. Certain casinos provided complimentary accommodations, mistakenly identifying them as high-stakes patrons. To circumvent federal reporting mandates, the conspirators kept each withdrawal below the $10,000 threshold.
Upon Citibank discovering suspicious activity, law enforcement was notified, triggering an FBI probe that culminated in arrests during coordinated raids throughout southern California.
FBI Charges
In 2018, fifteen individuals were formally charged after an FBI investigation uncovered the theft exceeding $1 million from Citibank through casino cash advance kiosks in Southern California and Nevada. The FBI collaborated with the Glendale Police Department and Los Angeles Police Department to apprehend 14 suspects within the Los Angeles metropolitan area.
Ara Keshishyan, identified as the principal orchestrator, faced 14 counts of bank fraud, each count punishable by up to 30 years in prison and a $1 million fine. He entered a guilty plea on June 10, 2014, and received a prison sentence of 57 months on September 12 of the same year. The remaining thirteen defendants were charged with conspiracy to commit bank fraud and structuring financial transactions to evade reporting requirements, facing penalties of up to five years imprisonment and fines reaching $250,000. Twelve co-conspirators admitted guilt and were sentenced to terms ranging from probation to one year in jail plus restitution payments. As of 2014, one individual involved remained at large.
