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Alleged Fraud Scheme Lands Suspects in Newark Federal Court

Newark NJ Fraud AttorneysThree suspects recently appeared in US District Court in Newark NJ on federal charges for committing bank fraud.

Two of the men were real estate brokers and the other man was their client. According to federal prosecutors, all three suspects engaged in a “shotgun” loan scheme by stealing people’s identities to secure home equity lines of credit. The suspects would reportedly apply for credit at different banks and use the same property as collateral when applying at each bank. Since none of the bank lenders knew that the property had already been used to secure another loan, they did not realize that the property did not provide sufficient collateral for their loan to the suspects.

The suspects allegedly committed the fraud between 2012 and 2014 and stole more than $1 million from the banks. Authorities eventually became aware of the fraud scheme and opened an investigation.

The suspects include a 65-year-old Ridgefield Park NJ man, a 62-year-old Yonkers NY man, and a 58-year-old Bronx NY man. They have all been charged with one count of conspiracy to commit bank fraud.

A conviction on the very serious fraud charges could potentially lead to lengthy terms of incarceration in a federal penitentiary.

For further information about this case, see the NJ.com article, “3 Charged with Stealing Over $1M in Loan Scheme.”

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