Two Men Arrested for Bank Fraud

Michael E. Ratcliffe, age 56, of Painesville, and Edward P. Markovich, age 56, of Akron, were arrested this morning following the unsealing of an indictment for conspiracy and bank fraud, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio.

The defendants are charged in connection with a scheme in which they opened bank accounts, deposited stolen checks into the accounts, and distributed funds to themselves and bank accounts in different parts of the world. Markovich was a practicing attorney in Akron but he was suspended from the practice of law by the Ohio Supreme Court in 2008 for malfeasance.

From on or about November 15, 2005 through on or about September 6, 2006, Ratcliffe and Markovich negotiated or attempted to negotiate five checks totaling approximately $1,845,139.14. In addition, it is alleged that Ratcliffe negotiated a check for approximately $1,800,000 on December 27, 2004, according to the indictment.

The men are scheduled to appear before U.S. Magistrate Judge Baughman at 1 p.m. Wednesday.

The indictment is the result of an investigation conducted by the Federal Bureau of Investigation Special Agent Robert C. McBride. This case is being prosecuted by Assistant United States Attorneys Henry F. DeBaggis.

If convicted, the defendant's sentence will be determined by the court after review of factors unique to this case, including the defendant's prior criminal records, if any, the defendant's role in the offense and the characteristics of the violation.

In all cases the sentence will not exceed the statutory maximum and in most cases it will be less than the maximum.

An indictment is only a charge and is not evidence of guilt.

A defendant is entitled to a fair trial in which it will be the government's burden to prove guilt beyond a reasonable doubt.