Rochester Man Charged in Fake Savings Bond Scheme

Rochester, MN (KROC-AM News) - A homeless man living in Rochester is accused of using a counterfeit U.S. savings bond to rip off a local bank.

Accused of Aggravated Forgery

Fifty-six-year-old Adrian Lamar Fountain has been charged with felony theft by false representation and aggravated forgery. He was arraigned on the charges Friday morning in Olmsted County court and was released without bail.

Counterfeit Savings Bond Allegedly Used to Open Account

According to the criminal complaint, Rochester police received a report in March from a bank concerning fake savings bonds. A financial institution stated that Fountain opened an account on March 12 by depositing a $10,000 EE United States Savings Bond valued at $20,736.

Multiple Cash Withdrawals Reported Same Day

The bank told investigators that, after funding the account with the savings bond, Fountain immediately withdrew $3,000 in cash. According to the bank, he then withdrew $5,000 in cash from a second branch location and took out another $10,000 while visiting a third branch office the same day.

Fraud Specialist Flagged Invalid Routing Number

The criminal complaint says the bank's fraud specialist discovered that the routing number on the savings bond was invalid when the bank attempted to process the financial instrument. The day after the cash withdrawals, the bank reported that Fountain went to one of the branch offices to retrieve his debit card but left when he was asked to speak with the fraud department.

Get our free mobile app

Not a "Snitch"

Court documents indicate that Fountain was interviewed by police on May 28 and stated that he was approached by someone at The Landing in Rochester and was provided with a savings bond for $10,000 in his name. According to the criminal complaint, Fountain claimed he gave all but $1,000 from the three cash withdrawals to the person who supplied him with the fraudulent savings bond.

The charging document also states that Fountain claimed he did not know the person's name and would not tell investigators who the person was because he is not a "snitch."