Credit fraud ringleader pleads guilty: officials

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NEW YORK (Reuters) - The leader of a credit fraud ring that cost more than $20 million in losses to financial institutions including Bank of America Corp has pleaded guilty to conspiracy charges, officials said on Wednesday.

Federal and state prosecutors in New York said Tahir Ali Khan, 32, headed the so-called "Khan Ring" that created false identities referred to as "chickens" under which ring members built financial credit to obtain bank loans, home mortgage loans, credit cards, lines of credit and other financial benefits.

"The Khan Ring then defaulted on the loans and credit card debt, causing millions in losses to numerous financial institutions, including the Bank of America," said a joint statement by Michael Garcia, the U.S. Attorney for Manhattan, and New York State Attorney General Andrew Cuomo.

"Current loss estimates from the Khan Ring's fraudulent activities exceed $20 million," the statement said.

The statement said Ali Khan pleaded guilty on Tuesday in federal court to conspiracy to commit bank, wire and credit card fraud, and aggravated identity theft.

It described him as the main defendant in a case in which 15 people were indicted in August last year after investigators spent more than a year monitoring their activities.

Ali Khan is the tenth person to plead guilty to the fraud. He has been in custody since his 2007 arrest and faces a maximum sentence of 14 years in prison when he is sentenced on February 10 next year.

(Reporting by Grant McCool, editing by Gerald E. McCormick)

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