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Loan fraud

Police & Fire
NJ Attorney Awaits Sentence For Pocketing $2M From Client's Offshore Account, More NJ Attorney Awaits Sentence For Pocketing $2M From Client's Offshore Account, More
NJ Attorney Awaits Sentence For Pocketing $2M From Client's Offshore Account, More UPDATE: A once-prominent attorney from Jersey City is awaiting sentencing after admitting in federal court that he swindled a family he represented out of $2 million and then committed another crime while on pretrial release. The family had retained James R. Lisa, 68, to gather millions that had been moved into offshore bank accounts by relatives decades ago and to resolve any tax issues that arose as a result, U.S. Attorney Philip R. Sellinger said. Soon after being retained, he moved more than $6 million back into the United States but told the family the funds still remained offshore, th…

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by Jerry DeMarco
News
Bergen Exec From Passaic County Admits $91.5 Million Bank Fraud, Questions Remain Bergen Exec From Passaic County Admits $91.5 Million Bank Fraud, Questions Remain
Bergen Exec From Passaic County Admits $91.5 Million Bank Fraud, Questions Remain Now that an executive of a Glen Rock property management company has admitted his role in a $91.5 million loan fraud, questions remain about an "unnamed co-conspirator." Barton Schack, 65, of Ringwood, told a federal judge in Newark this week that he helped the other participant fraudulently secure a massive commercial mortgage loan by lying about how many tenants were in a network of medical office buildings used as collateral and how much rent they’d paid, Acting U.S. Attorney Rachael A. Honig said. The pair then pocketed millions of dollars in rent from the properties -- which …

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by Jerry DeMarco
Police & Fire
PA, NJ Ex-Con With 'Unparalleled Greed' Accused In 2nd Major Fraud Case, This One $1.25M PA, NJ Ex-Con With 'Unparalleled Greed' Accused In 2nd Major Fraud Case, This One $1.25M
PA, NJ Ex-Con With 'Unparalleled Greed' Accused In 2nd Major Fraud Case, This One $1.25M A 42-year-old Pennsylvania man previously convicted in a $1.4 million fraud scheme has been arrested again on similar charges -- this time in a $1.25 million case. William C. Huyler III, of West Chester, pleaded guilty last December to stealing $1.4 million in from eight Homeowner Associations (HOAs) located across Chester County, Montgomery County, New Jersey, Chester County District Attorney, Deb Ryan said. While awaiting sentences for that case, Huyler was slapped with theft by deception, forgery and more charges for fraudulently securing Small Business Admi…

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by Nicole Acosta & Cecilia Levine
News
NJ COVID-19 Scammer Pocketed $1.8M In Taxpayer-Funded Rescue Loans, Feds Charge NJ COVID-19 Scammer Pocketed $1.8M In Taxpayer-Funded Rescue Loans, Feds Charge
NJ Covid-19 Scammer Pocketed $1.8M In Taxpayer-Funded Rescue Loans, Feds Charge A North Jersey businessman fraudulently secured nearly $2 million in federal COVID-19 pandemic loans he wasn't entitled to, then diverted the money into accounts held by family members, including his young children, federal authorities charged. Rocco A. Malanga, 48, of Hackettstown, “used a variety of false statements to fraudulently obtain approximately $1.8 million in federal COVID-19 emergency relief funds meant for distressed small businesses,” U.S. Attorney Craig Carpenito said Thursday. He then diverted the Paycheck Protection Program (PPP) money to “accounts under the control of his …

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by Jerry DeMarco
Police & Fire
Feds Charge Englewood Business Consultant In $4 Million Bank Loan Fraud Feds Charge Englewood Business Consultant In $4 Million Bank Loan Fraud
Feds Charge Englewood Business Consultant In $4 Million Bank Loan Fraud An Englewood business consultant directed employees to pose as applicants, list fake jobs and artificially boost income information as part of a widespread conspiracy to illegally secure more than $4 million in bank loans, federal authorities charged. As funding director for Cash Flow Partners, a business consulting firm in Saddle Brook, Jennie Frias, 36, had employees “pose as loan applicants when communicating with the victim banks,” U.S. Attorney Craig Carpenito said Friday. Cash Flow published online ads and held seminars offering customers help in obtaining FDIC-insured bank loans, Car…

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by Jerry DeMarco