Former store owner convicted on conspiracy, fraud charges

Man processed illegally obtained credit cards in exchange for cash

Furniture Today Staff -- Furniture Today, February 8, 2011

HOUSTON — The owner of a defunct furniture store here could face 20 years or more in prison after his conviction on fraud and conspiracy charges for turning his business into what prosecutors called "an ATM for identity thieves," the Houston Chronicle reports.

A federal jury found Peter Luong Tran, who owned the former Style Furniture store, guilty of conspiracy to commit bank fraud and five counts of access device fraud. The jury took an hour to deliberate before coming back with the guilty verdicts on Thursday.

According to the Chronicle, prosecutors said that in late 2008 and early 2009, Tran used the store to process fraudulently obtained credit cards in exchange for cash, causing more than $400,000 in losses for financial institutions.

Sentencing is set for May 13. The conspiracy charge carries a maximum of 20 years in prison and each of the five fraud charges carries a maximum of five years, the U.S. Attorney's office told the newspaper.