Waukee man will serve 32 years for orchestrating money laundering scheme that hit 8 Iowa banks

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Waukee man will serve 32 years for orchestrating money laundering scheme that hit 8 Iowa banks

A Waukee man indicted in a nationwide bank fraud and money laundering scheme that included 8 Iowa banks has been sentenced to 32 years in federal prison.

Stephan Rashad Haley, 36, also known as “Ace” and “Bosh,” was guilty of fraud, money laundering, and fentanyl distribution for a multi-million dollar fraud scheme he orchestrated in 2023, according to a news release from the U.S. Attorney’s Office in the Southern District of Iowa Friday.

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Haley was involved in multi-million dollar fraud, laundering scheme

Haley participated in a nationwide bank fraud and money laundering scheme from May to August 2023.

The eight Iowa banks included Ascentra Credit Union, Collins Community Credit Union, Community Choice Credit Union, Financial Plus Credit Union, First Central State Bank, Great Southern Bank, GreenState Credit Union and Veridian Credit Union, according to a 

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The indictment alleged that at least 12 businesses and 14 banks were impacted across the nation.

Several people from Arizona, Iowa, Illinois and Indiana allegedly drew funds from stolen business checks that were deposited in financial institutions in Iowa, according to a

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. The participants allegedly tried to deposit at least $10 million worth of stolen checks and secured at least $2.1 million.

More: 18 indicted in nationwide bank fraud, money laundering scheme that included 8 Iowa banks

Haley is believed to have recruited at least three other individuals to open fraudulent bank accounts and deposit stolen checks. The conspiracies Haley helped execute allegedly generated a loss of over $3.5 million to more than 10 victims, according to the news release.

Seventeen other individuals connected to the fraud scheme were i

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. Eight have already pleaded guilty, and 10 others are set to go to trial in June.

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Haley also distributed fentanyl and was involved in a 2023 shooting

Court documents also show Haley obtained and distributed counterfeit pills in Dallas County in 2023, found to contain fentanyl and other drugs.

In early October 2023, Haley was identified as a suspect in a shooting that took place at an apartment complex in West Des Moines.

After the shooting, a search warrant conducted at Haley’s Waukee residence found a stolen and loaded pistol, **********, ******** and pills containing fentanyl. At sentencing, the court found Haley responsible for 12 more kilograms of fentanyl, according to Friday’s release.

This case, according to the release, was investigated by the IRS Criminal Investigation, the FBI and the West Des Moines Police Department with help from the Treasury Inspector General for Tax Administration, the Clive Police Department, the United States Postal Inspection Service, the Bureau of Alcohol, Tobacco, Firearms, and Explosives, the Des Moines Police Department, the Secret Service and numerous state and local agencies from across the country.

Haley will be required to serve five years of supervised release after serving his 32-year sentence. He will also be required to pay $66,437 in restitution. There is no parole in the federal system.

Kyle Werner is a reporter for the Register. Reach him at *****@*****.tld.

This story has been updated to add video. 

This article originally appeared on Des Moines Register:

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