VIRGINIA BEACH, Va. — A Virginia Beach man was sentenced to seven years in prison for his role in a fraudulent scheme to defraud Navy Federal Credit Union (NFCU) and using counterfeit money at Walmart stores, the Department of Justice said Friday.
The charges stem from between April and July 2018 when Malcolm McKinney, 32, engaged in an identity theft scheme to defraud Navy Federal Credit Union (NFCU).
McKinney provided stolen identities to a co-conspirator who would use the identities to create accounts at NFCU and apply for wholly fictitious auto loans. Once the loans were approved, the conspirators would collect the loan check, cash it and distribute the money to members of the conspiracy.
The conspiracy caused over $300,000 in loss to NFCU.
After pleading guilty to his role in the conspiracy and while released on bond waiting on sentencing, McKinney started on a counterfeit money spree in spring 2023. He passed about $25,000 in counterfeit U.S. money to at least 10 different Walmart stores located in Virginia, North Carolina and South Carolina.
McKinney was identified by Walmart security camera footage and arrested in the Western District of Virginia.
McKinney used the counterfeit money to purchase items such as video game consoles, kitchen mixers, sewing machines and breast pumps.
