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Man opens 117 fraudulent Lowe’s credit card accounts and steals $3 million from home improvement retailer

By Mason White 6:19 PM January 18, 2017
Lowe’s store
By: Feng Qian

A man managed to defraud Lowe’s for many years and steal nearly $3 million by opening fraudulent credit card accounts at the home improvement retailer, according to police in New York.

The U.S. Attorney’s Office has announced the arrest of Kenneth Cassidy, 50, of Brooklyn, on a charge of wire fraud.

The charge carries a maximum penalty of 20 years in prison and a $250,000 fine.

Assistant U.S. Attorney Aaron J. Mango, who is handling the case, stated that according to the criminal complaint, Cassidy opened approximately 117 fraudulent Lowe’s Accounts Receivable accounts throughout the United States, using counterfeit checks.

Once an account was opened, the defendant made fraudulent purchases of goods at Lowe’s until the funds were depleted or Lowe’s closed the account.

Of the 117 accounts, three were opened at stores in the Western District of New York, and purchases were made at stores throughout the Buffalo and Rochester areas.

Although the criminal complaint indicates a total loss totaling $1.75 million, it is now believed that Lowe’s suffered losses of $2.8 million.