New York Man Sentenced to Prison for $810,000 Tax Refund Fraud Using Stolen Corporate Identity

A Yonkers, New York man has been sentenced to federal prison for carrying out a large-scale bank fraud and identity theft scheme that resulted in the theft of more than $810,000 in federal tax refund funds by impersonating a corporate executive.

Steven Ware, 64, was sentenced in federal court in Boston to 40 months in prison, followed by three years of supervised release, after pleading guilty to one count of bank fraud and two counts of aggravated identity theft. Ware was also ordered to pay $322,436.28 in restitution.

According to court records, the scheme began in December 2023, when Ware opened multiple bank accounts at a credit union in Tyngsborough, Massachusetts, using the stolen identity of a senior executive at a Connecticut-based investment company. Ware falsely represented himself as the executive, providing the victim’s full name, date of birth, Social Security number, and supporting identification documents to establish the accounts.

After the accounts were opened, Ware returned to the credit union posing as the same executive and deposited a United States Treasury check payable to both the investment company and the executive in the amount of $810,337. The check represented a federal tax refund issued by the U.S. government.

Once the Treasury check cleared, Ware rapidly began extracting funds. A debit card linked to the fraudulent account was used to purchase goods at retailers across New York, New Hampshire, and Massachusetts. Ware also made multiple in-person visits back to the Tyngsborough credit union, continuing to impersonate the executive while initiating wire transfers totaling more than $634,000 over a short period of time.

Ware was arrested and charged by criminal complaint in September 2024 and later indicted by a federal grand jury in October 2024. He entered a guilty plea in July 2025, bringing the case to resolution at sentencing this week.

The investigation involved multiple federal agencies, including the Federal Bureau of Investigation, Internal Revenue Service Criminal Investigation, U.S. Postal Inspection Service, and the U.S. Treasury Inspector General for Tax Administration, with assistance from local law enforcement in Tyngsborough. The case was prosecuted by the Securities, Financial, and Cyber Fraud Unit of the U.S. Attorney’s Office for the District of Massachusetts.

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