Man Gets 5 Years Sentence For Stealing PayPal Credentials

PayPal: A 37-year-old Texas man, Marco Ponce has been sentenced to five years in prison, according to the Justice Department.

Federal prosecutors say he bought 38,000 compromised Paypal account credentials from an illegal online marketplace and used them to steal from the true account owners.

Marcos Ponce was also ordered to pay $1.4 million in restitution, according to a Justice Department press release, which said Marcos Ponce pleaded guilty to conspiracy to commit fraud in October 2021.

Prosecutors contend that Ponce and his co-conspirators developed social engineering techniques so they could dupe third parties into accepting money transfers from the compromised PayPal accounts before transferring the money into the accounts they controlled.

The FBI’s Washington field office and the FBI San Antonio- Austin, Texas cyber task force investigated Ponce’s case and according to the Assistant Director in charge, they are sending a message that the FBI will pursue cyber criminals across the globe.

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