3 arrested, 1 at large in alleged credit card fraud

BOSTON (AP) — Federal investigators have arrested three individuals on charges of conspiring to deceive banks into allegedly processing more than $150 million in credit and debit card payments on behalf of merchants involved in prohibited and high-risk businesses. A fourth individual remains at large. Three were executives at Allied Wallet, Inc., a payment processing company headquartered in Los Angeles that served merchants doing business over the internet. Investigators said defendants allegedly created shell companies, designed fake websites that purported to sell low-risk retail and home goods and miscategorized the true nature of the transactions.