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NORFOLK, Va. — A Virginia Beach man was sentenced to seven years in prison Thursday for his part in a scheme to defraud the Navy Federal Credit Union and for passing fake currency at Walmart stores.
Court documents indicate that between April and July 2018, Malcolm McKinney, 32, was involved in an identity theft scheme to defraud the Navy Federal Credit Union. He provided stolen identities to a co-conspirator, who used the IDs to create accounts at NFCU and apply for fake auto loans, the court documents state.
Once the loans were approved, other conspirators would collect the loan check, cash it and give the money to other conspirators, causing more than $300,000 in losses to the credit union, court documents state.
McKinney pleaded guilty to his role in the conspiracy, and while out on bond awaiting to be sentenced, he went on a counterfeit currency spree in spring 2023, passing about $25,000 in fake U.S. currency to at least 10 different Walmart stores in Virginia, North Carolina and South Carolina. Court documents indicate that McKinney used fake $50 and $20 bills to buy items such as video game consoles, kitchen mixers, sewing machines and breast pumps.
Four others in this case had previously pleaded guilty and received sentences ranging from 45 to 81 months in prison.
