Cambridge Man Indicted for Bank Fraud and Larceny of Thousands of Dollars: Nearly 44k Stolen from Customer Bank Accounts

WOBURN- Middlesex District Attorney Marian Ryan informed the public today that a Cambridge man has been indicted in connection with a bank fraud scheme and theft of thousands of dollars from several Wells Fargo Bank customer accounts.

Angelo Alberto Riddell, 55, of Cambridge, was indicted by a Middlesex County Grand Jury on charges of larceny (6 counts), money laundering, receiving stolen property and being a common and notorious thief.  

The defendant is scheduled to be arraigned in Middlesex Superior Court on August 6.

“Quick action, and a coordinated response by Cambridge Police, bank employees and customers shut down this fraud, preventing even more financial damage,” District Attorney Ryan said. “These kinds of schemes are fast-moving and sometimes it can take several months before victims see that their accounts have been affected.”

Authorities allege that from January to March Riddell stole nearly $44,000 from the accounts of seven Wells Fargo Bank customers.  It is alleged that he, working with others, executed a scheme in which he received customer ATM/debit cards at his address.  He then allegedly used those cards to complete transactions on the accounts, including ATM cash withdrawals and money transfers from Cambridge-area stores.  

The investigation is ongoing.  The defendant was arrested by Cambridge Police on March 5 and has been held since his arraignment in Cambridge District Court on $20,000 cash bail.

These charges are allegations and the defendant is presumed innocent until proven guilty.

The prosecutor assigned to this case is Assistant District Attorney Graham Van Epps of the District Attorney’s Special Investigations Unit.