Member Of Bank Fraud Conspiracy Admits Role In Multimillion-Dollar Loan Scheme
NEWARK, N.J. – A New York man today admitted participating in a scheme that involved the creation of false documentation to secure over $4 million in bank loans, U.S. Attorney Craig Carpenito announced.
Raymundo Torres, 35, of New York City, pleaded guilty before U.S. District Judge Kevin McNulty to an information charging him with one count of conspiracy to commit bank fraud.
According to documents filed in this case and statements made in court:
Between March 2016 and May 2018, Cash Flow Partners LLC, a business consulting firm with offices in New York and New Jersey, released internet advertisements and held seminars offering to assist customers in obtaining bank loans, including loans insured by the Federal Deposit Insurance Corporation (FDIC). When customers submitted documentation supporting their bank loan applications to Cash Flow Partners, Torres and others created false documentation to make customers’ loan applications appear more financially viable than they actually were. Employees at Cash Flow Partners falsified payroll records by including fictitious financial and employment information, such as fake jobs, on template payroll forms and IRS tax forms. Victim banks sustained losses of over $4 million.
The conspiracy to commit bank fraud charge carries a maximum potential penalty of 30 years in prison and a $1 million fine. Sentencing is scheduled for Jan. 8, 2020.
Read more: https://www.justice.gov/usao-nj/pr/member-bank-fraud-conspiracy-admits-role-multimillion-dollar-loan-scheme
= new reply since forum marked as read
